Canon Inc. releases Q3 2023 Financial Results

Canon has released their financial reports for Q3 of 2023. Things are looking pretty good for Canon, the camera segment saw growth of 4.9% over the same period in 2022. Canon also projects a year-over-year increase of 8.2% with an aggressive Q4 of 2023.

We expect 3 more lenses to be announced on November 2, 2023, so that will bring their lens total to 41 for the RF/RF-S mount.

The Canon EOS R6 Mark II, EOS R50 and EOS R100 helped with the growth in camera body sales.

The interchangeable lens camera market remains solid, with new products from each company stimulating demand. As a result, we expect the market to be 5.85 million units this year, which is slightly larger than last year.

In the third quarter, our sales of new products such as the EOS R6 Mark II, which was launched late last year, and the EOS R50 and EOS R100, the first entry-level models of our EOS R series, which were released in the first half of the fiscal year, increased steadily, and overall unit sales were almost at the same level as last year.

To meet the diverse needs of camera users and to attract new users, we have expanded our mirrorless camera lineup from full-frame to entry-level models. As for interchangeable lenses, we have already added 5 lenses this year and have increased the number of lenses to 38 so far. As a result, we are steadily increasing our share of the mirrorless market through synergy between the camera bodies and lenses.

As the market has recovered to a state where there is enough supply to meet demand, all competitors are gradually increasing sales investments. As a result, in the fourth quarter, which is the year-end selling season, we will increase sales volume with appropriate promotions and aim for 2.9 million units this year.

Canon Q3 Financial Information

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