UPDATE: Canon Reports 20% Drop In Q2 Net Profit, Lifts Forecast

Canon Inc (NYSE: CAJ) reported a 20% decline in its net profit for the second quarter.

Canon's quarterly net profit dropped to Y53.86 billion from Y67.64 billion in the year-ago period. Its operating profit fell 31% y/y to Y78.41 billion from Y113.44 billion. Canon's revenue declined 14% y/y to Y836.57 billion from Y970.36 billion.

For the full year, Canon lifted its net profit projections to Y260 billion from Y220 billion. It also lifted its operating profit forecast to Y380 billion from Y335 billion and its revenue outlook to Y3.78 trillion from Y3.73 trillion.

Canon shares gained 0.19% to close at $48.21 on Friday.