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Canon Cuts Full-Year Forecast as Camera Users Switch to Phones

Canon Inc., the world’s largest camera maker, cut its annual profit forecast and predicted its first drop in sales of models with an interchangeable lens as consumers switch to smartphones to take photos.

Net income will probably total 240 billion yen ($2.5 billion) for the year ending December, the Tokyo-based company said in a statement yesterday, cutting its earlier forecast of 260 billion yen. The new projection missed the 250.8 billion-yen average of 21 analyst estimates compiled by Bloomberg.