(Bloomberg) — Canon Inc. slid to a two-decade low after reporting its first quarterly loss, as the Japanese icon struggled with potentially the worst global downturn since the Great Depression.

Its shares slid as much as 11.5%, the biggest decline on an intraday basis since July 2012. The Japanese maker of printers and scanners on Tuesday warned that the pandemic had dampened demand for printers and cameras more than anticipated, forcing it to slash its interim dividend. It also forecast an annual profit of 45 billion yen ($428 million), missing the lowest of analysts’ estimates.

Canon, a pioneer of modern photography that’s struggled to sustain growth in the smartphone era, has in past years diversified into areas such as diagnostic imaging equipment. After a decade of share price decline, it’s now grappling with the uncertainty of Covid-19 as corporations around the world tighten their belts.

What Bloomberg Intelligence Says

Diminished order flow for cameras and office printers remains a key challenge due to the threat of a collapse in corporate and consumer spending, and slow office reopenings in many countries. Demand for medical equipment is climbing, yet drawn-out restrictions on travel and logistics imply longer wait times for business negotiations and machine installations, delaying sales recognition.

– Charles Shum and Simon Chan, analysts

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