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Canon Lower Profit Outlook as High-end Camera Sales Drop

Fujio Mitarai, chairman and CEO of Canon, Inc., speaks before a display of EOS C300 interchangeable-lens digital cinema cameras.

Canon Lower Profit Outlook as High-End Camera Sales Drop

Japan's Canon Corp cut its operating profit outlook for the second quarter in a row, below analysts' estimates, warning that sales of its signature high-end cameras will fall this year for the first time since their launch in 2003.

The world's largest camera maker said it now sees global economic gloom squeezing sales of its digital interchangeable-lens cameras to 8 million through December from 8.2 million last year. Demand from camera buffs will stay weak in Europe, and fail to recover as quickly in China as Canon had expected.

Reporting by Sophie Knight, REUTERS.