The New York Times has reported that Nikon has cut its planned full year profit forecast. Executives have blamed the demise of the compact camera market, which has been usurped by the cameras on smartphones, and a lack of growth in mirrorless camera sales in the U.S.A. and Europe.

Yasuyuki Okamoto, Nikon’s president said: “In Europe and the U.S. the ratio of mirrorless to SLRs hasn’t grown at all, unlike in Asia, where it’s quite popular with women because it’s light. We had higher expectations for other regions.”

Thia lack of demand is underlined by Oylmpus’s sales figures for its PEN camera, which has also sold 12% less than forecast.