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Canon Dims Sales Outlook as Smartphones Capture Snapshots

Canon Inc. is finding it even harder to sell cameras in a global market where smartphones already command a 13-to-1 lead in shipments.

The world’s biggest camera maker cut its annual profit and sales forecasts yesterday as it faces slowing demand for the compact and high-end models with interchangeable lenses that underpin its 983 billion-yen ($10 billion) business. The shares slumped the most in three months on the Tokyo Stock Exchange.