Canon cuts profit forecast as post-Brexit yen strength bites, Reuters reports

Reuter reports:

Canon Inc cut its full-year profit forecast on Tuesday, becoming Japan’s first major technology company to report a weaker outlook on the yen’s surge following Britain’s vote to leave the European Union.

The world’s biggest maker of cameras and printers forecast group operating profit of 265 billion yen ($2.54 billion) for the year through December, from 300 billion yen estimated three months prior.

The new forecast, Canon’s second downward outlook revision this year, is below market expectations of 297 billion yen, based on estimates of 17 analysts surveyed by Thomson Reuters.

The company also said that for the quarter through June, operating profit fell 35 percent to 68.6 billion yen, missing the 81.9 billion yen average of five analyst estimates.

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