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Investing.com -- Canon reported third-quarter operating profit of ¥88.0 billion, down 10.3% year-over-year and falling short of both company and analyst expectations.
The quarterly result missed the company’s internal plan by almost ¥10 billion and came in below analyst forecasts of ¥99.0 billion and consensus estimates of ¥96.7 billion.
Canon cited several factors for the underperformance, including a mix deterioration due to a trend toward lower-priced digital cameras and worsening market conditions for EV semiconductor lithography equipment.
In response to these challenges, the company has revised its full-year operating profit guidance downward to ¥451 billion from its previous target of ¥460 billion. The new forecast primarily reflects expected deterioration in both printing and semiconductor markets. The current consensus estimate stands at ¥448.7 billion.
The company did not announce any share buybacks and indicated that no additional repurchases are planned for the remainder of the fiscal year ending December 2025.
Canon is expected to announce a new mid-term business plan before the end of the year, with the current chairman/CEO reportedly eager to present the strategy.
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