July 25, 2012 / 6:17 AM / 5 years ago

Canon cuts compact camera sales outlook

TOKYO, July 25 (Reuters) - Japan’s Canon Inc cut i ts full-year forecast for compact camera sales on Wednesday, citing weak demand in Europe and the United States due to the rise in popularity of smartphones.

The maker of IXY and PowerShot cameras lowered its compact camera sales outlook to 21 million u nits from 22 million units, while sticking to its interchangeable lens camera outlook of 9.2 million for the year to December. The firm sold 7.2 million interchangeable lens cameras and 18.7 million compact cameras last year.

Canon also revised its 2012 currency assumption to 100 yen to the euro from its projection three months ago of 105 yen. It kept its assumption of 80 yen to the dollar. (Reporting by Mari Saito; Editing by Chang-Ran Kim)

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