Canon reports higher profits, lower net income in Q2, points finger at pricey yen

Canon's financial results for Q2 2012 reveal an operating profit 18 percent greater than the results from the same quarter last year. However, net income has dropped from 61.5 billion yen to 51.7 billion yen since last quarter. The company saw demand grow for its DSLRs, both professional and entry-level, while sales of point-and-shoots continued to contract. The ever-increasing value of the yen -- and weakened demand in Europe -- has put a dent in its important overseas sales -- and profits. Perhaps the promise of Canon's first mirrorless ILC later this year will be enough get wallets out in the euro zone.