As published by Reuters yesterday, Canon profits for the third quarter have dropped 21% to 71.8b yen (or 595 million USD). This fall can be attributed to a variety of reasons, but one many suspect is the mirrorless craze generated by the Sony a7 series cutting into Canon’s sales. Investments into new business could also account for the fall in profit shares, along with a weaker yen.

The news isn’t shocking to many, as many believe Nikon and Sony to be taking market shares from Canon with their advanced sensors found in the Nikon D810 and Sony a7R II (both developed by Sony). Canon continues to advance into other markets, such as their advanced security camera systems. Still, with smartphones creating better and better systems with each version, and mirrorless camera systems showing that they’re more than just a phase, Canon will need to develop some interesting products to compete if they want to maintain their profit margins.

[via Reuters]