[News] Canon Struggling According to 2011 Q4 Earnings Report
Via Engadget, Canon had a tough time last quarter — Canon had a tough year, in fact. While net income rose slightly (just under 1%), profit fell almost 14% compared to the year-ago quarter. This leaves Canon with almost a 2.5% decline in comparison to the 2010 fiscal year. With this news, COO and President Tsuneji Uchida announced he is stepping down.
Canon has some long-awaited replacements for professional DSLRs coming up this year, but their earnings projections are still shy of any growth. Canon is a large company with product lines that reach far beyond that of professional and consumer imaging, however, so there could be several industry areas struggling within the company. Meanwhile, Canon chairman, Fujio Mitarai, will be taking Uchida’s place.