With consumers preferring cameraphones rather than compact cameras, Canon has diversified its products to cater to corporates clients; its operating profits have surged to record levels.
On Tuesday, Canon Inc stated, it expects its operating profit to rise by 27% in 2018, its highest level in a decade. Clearly the Japanese giant is reaping the rewards of diversify away from just cameras and copiers.
The Japanese forecast a rise in operating profit to 420 billion yen ($3.9 billion) from 331.5 billion yen a year earlier, exceeding analysts estimate of 376.19 billion yen.
This is a second year in a row that Canon has registered a rise in profits.
With consumers preferring smartphone cameras to compact cameras, Canon has mitigated this issue by expanding its product range for corporate clients.
In recent acquisitions include AXIS, a Swedish video surveillance firm and Toshiba Medical Systems, a CT scanner and ultrasound equipment maker.
Canon is also hugely benefiting from a surge in demand for organic light emitting diode (OLED) screens in smartphones: its OLED panel-making equipment business is flooded with new orders.