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Canon (7751.JP) Falls Over 6% After Cutting Full-Year Operating Profit Forecast
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Canon (7751.JP) lowered its full-year operating profit forecast from JPY479 billion to JPY456 billion (approximately USD2.85 billion), below market expectations, mainly due to rising memory chip prices. The companys operating profit for the first fiscal quarter was also only JPY71.4 billion, missing forecasts. Following the announcement, Canons share price came under pressure in early trading today (24th), falling 6.36% to JPY4,091. Canon stated that although memory supply is largely secured for this year, tight DRAM production capacity during the current fiscal year is expected to have a negative impact of approximately JPY50 billion on its earnings. (mn/w) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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