Olympus cut its operating profit forecast by 24 percent on an expected loss at its camera unit, BusinessWeek reports.
Operating profit will be $478 million in the year ending March; the camera unit is expected to report a loss of 8 billion yen in the current fiscal year, compared with its previous forecast of a 1 billion yen profit, as the compact camera market is shrinking, the Tokyo-based company said. “The compact camera market is shrinking rapidly because people are switching to smartphones.”
Olympus cut its full-year sales forecast for digital cameras by 11 percent to 7.3 million units.
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