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Canon Cuts Revenue Forecast as Camera Demand Slows

Canon Inc., the world’s largest camera maker, lowered its full-year sales forecast as demand slows amid a consumer shift to smartphones for taking pictures.

Sales are projected to be 3.78 trillion yen ($37 billion) for the current fiscal year, a 2.1 percent cut from the previous forecast. The Tokyo-based company maintained earlier projections for operating profit of 365 billion yen and net income of 240 billion yen.