The demand for Canon cameras is shrinking as smartphones become the de facto camera for consumers.
A report in the Japanese-language online edition of Nikkei doesn't paint a pretty picture for the world's biggest camera maker.
The company cut its annual profit and sales forecasts Wednesday as demand slows for its cameras.
"The changes in the business environment are very severe," the newspaper quotes Canon Vice President Toshizo Tanaka as saying.
While Nikkei cites a slowdown in the Chinese economy as one of the factors affecting Canon's camera business, the larger reason stems from the &… Read more