Canon raises profit outlook after demand for inkjet printers, mirrorless cameras soared

Canon Inc raised on Thursday its profit forecast for the year that just ended to well above analysts’ estimates, citing a boost from demand for its new full-size mirrorless camera models and inkjet printers.

The Japanese company expects operating profit of 105 billion yen ($1.01 billion) for the fiscal year that ended Dec. 31, up from its previous projection of 64 billion yen.

That is nearly double analysts’ consensus for 57.2 billion yen, according to Refinitiv data.

Canon has seen Sony Corp erode its market share in recent years with its popular Alpha line of mirrorless cameras, notably its Alpha 7 and 9 models, while Canon was slow to shift its focus from bulky DSLRs to lighter, more compact mirrorless models.