Canon Inc on Monday said net profit fell 28.7 % in its first quarter, missing the mark set up by analysts, as the Japanese organization confronted drooping sales of digital cams. Overall profit  was JPY 33.93 billion ($285.27 million) in January-March, contrasted and the JPY 53.64 billion normal assessment of 5 analysts.

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The outcome comes as the world’s greatest camera creator looks for development opportunities, to some degree to balance a drop sought after for compacts as shoppers progressively depend on cell phone cameras.

It wants to purchase Swedish observation firm Axis AB for $2.7 billion – offering 340 crowns ($39.31) a share – as of Friday possessed 84 %. It doesn’t plan to up its offer despite the fact that support stock investments Elliott Management has subsequent to raised its proprietorship to 10 %.

“Sales volume for low-end (digital camera) models declined due to the ongoing contraction of the market in all regions from the previous year,” said Canon in its earnings release. Sales of high fi units increased, it said.

Canon likewise said it hopes to dump 7.0 million compact digital cameras in 2015, versus a past figure of 7.8 million and 22.5 percent not as much as in 2014. It anticipates offers of cameras with compatible lenses to achieve 5.8 million units instead of its past perspective of 6.4 million.

The firm, which gains around 80 % of income abroad and is a significant recipient of a weaker yen, kept up its perspective of the Japanese cash exchanging at 120 versus the US dollar in the second to fourth quarters.

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Shares of Canon shut 0.7 % higher in front of the profit discharge, versus a 0.2 % fall in the more extensive business sector.