Canon has released its earning report for the second quarter today, and the results proved that the photography industry is also taking huge hits from the current economic crisis.

Compared to the same period of last year, sales were down to 28.2 percent all across the company—causing the company’s profits to nosedive to a whopping 72 percent. Camera sales are 20.7 percent less: Canon’s point-and-shoot products, the PowerShot line in particular, hasn’t been selling well.

There is a bright spot in this otherwise dark news, though: DSLR sale trends are actually up. According to Canon, the EOS 5D Mark OO and the EOS Digital Rebel T1i units have been selling well. A small portion of the company, but good news for investors all the same.

The company predicts that their earning performance will improve by the end of this year, but a full recovery isn’t expected until 2010.

View Canon’s report here.

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