Canon has posted its seventh straight quarterly profit drop, Bloomberg reports. The extended profit decline is blamed on a strong yen, which has hit Canon particularly badly, given that about 80% of the company’s sales are generated overseas. Having said that, Canon is still optimistic about its fourth-quarter prospects, saying the profit decline is expected to turn into growth eventually. Bloomberg also remarks that the company’s profit losses have mainly stemmed from the business machines division, with the camera operations actually enjoying a growth of 5.5%. The problem is that Canon’s prosperous camera business is much smaller than its ailing business machines division, and the growth achieved by the former cannot offset the dramatic decline the latter is facing.

Via Bloomberg

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