The latest financial report released by Japanese tech giant Canon indicates the brand grew its revenue by 3.7% from 2022. The 2023 full-year revenue was about 4.18 billion yen ($28.335 billion). Canon’s net profit for the year 2023 increased by 8.4% from the previous year, the report also showed.
The revenue was spread between Canon’s four main businesses namely printing solutions, imaging, medical solutions, and industrial equipment/ other products. The printing business accounted for 2.346 trillion yen ($15.90 billion) in revenue, with a YoY increase of 3.2%. The report indicates that the printing business accounted for about 56.1% of the overall revenue of the Canon brand for 2023. The products from this arm include digital printing systems with some recent innovative offerings like the color digital printer image PRESS V1350.
The imaging business of Canon in 2023 had a revenue profile of 861.6 billion yen ($5.81 billion) with a 7.2% year-on-year increase. The sales in this segment were fueled by Canon’s new interchangeable lens digital cameras, network cameras, and diverse products from the lineup. Some of the new products were the EOS R6 Mark II, the EOS R8, and the EOS R50 cameras. There is a huge market demand for network cameras with diverse applications.
The medical business field revenue for Canon in 2023 was 553.8 billion yen ($3.75 billion) with a 7.9% increase in revenue. Canon’s medical business field continued to enjoy strong sales, driven by demand for MRI equipment, X-ray equipment, and ultrasonic diagnostic equipment. The sales have been heavily situated in Japan and Europe and this year’s output surpassed the previous year’s record.
The industrial equipment arm of Canon got a revenue of 314.7 billion yen ($2.13 billion) which reflected a year-on-year decline of 4.4%. The demand for power equipment continues to be strong but FPD exposure equipment experienced market investment fluctuations. Overall, Canon expects the outlook for 2024 to be bright despite some setbacks, especially in the industrial equipment business.
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