Japan’s Canon Inc on Monday lowered its earnings outlook for the full year and reported a 16 percent fall in second-quarter net profit, as fewer consumers bought new compact digital cameras.

The world’s largest camera maker said net profit fell to 68 billion yen ($552 million) in April-June compared with 81 billion yen a year earlier. Analysts on average expected 65 billion yen, according to Thomson Reuters data.

The company said it now expects full-year profit of 245 billion yen rather than the 255 billion it expected three months ago.

(Reporting by Ritsuko Ando; Editing by Christopher Cushing)

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