Canon has reported a mixed financial performance for the year 2024, with net sales reaching $28.5 billion, marking a 7.9% increase from 2023. However, the company faced significant challenges as its operating profit fell by 25.5% to $1.77 billion, and net income decreased by 39.5%, dropping over $1 billion. This decline in profitability was reflected in the net income for shareholders, which fell by 37.4%. [a4c52742]
Despite these overall profit challenges, Canon's camera sector has shown resilience, with an 8.8% increase in sales, totaling ¥937.4 billion. The company has successfully maintained its position as a leader in the U.S. market for interchangeable lens cameras, mirrorless cameras, and full-frame mirrorless cameras. Canon is optimistic about the future, predicting a 9.3% rise in sales for 2025, driven by strong demand for its products. [a4c52742]
In response to market trends, Canon plans to expand its offerings in compact cameras, aiming to capture a broader audience. The company's focus on innovation and adapting to consumer preferences is expected to bolster its performance in the coming years. [a4c52742]