Japan’s Canon Inc reported an 81.5% fall in quarterly profit as a deepening recession hit demand for cameras and office equipment, and it forecast a bigger-than-expected profit decline for 2009.

Operating profit at Canon, the world’s largest digital camera maker ahead of Sony Corp and Nikon Corp, came in at ¥35.8 billion ($401.7 million) in October-December, down from ¥193.58 billion a year earlier.

…For 2009, Canon forecast an operating profit of ¥160 billion, down from ¥496.1 billion a year earlier and compared with the consensus forecast for a ¥309.8 billion profit in a poll of 16 analysts by Reuters Estimates.
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So, the hurt is all over the place!  Canon’s definitely more diversified than Nikon though.

What’s interesting to me is that most large international companies hedge currencies so that if there’s a dramatic up or down swing, they don’t lose as much money. I wonder to what extent these companies are doing that.

Tags: competition

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