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Xerox reports Q2 loss
Xerox reports Q2 loss
Xerox Holdings Corp. reported a second-quarter loss Tuesday before markets opened and a drop in year-over-year sales.
The company reported a loss of $4 million, or 5 cents a share, compared to net income of $91 million, or 46 cents a share, during the prior year’s quarter.
Adjusted net income was 13 cents a share. Analysts polled by Thomson Reuters expected the company to report earnings of 12 cents a share.
Revenue was down 2.6 percent to $1.75 billion, versus $1.79 billion a year ago.
The financial results come roughly one month after the company reported that John Visentin, its vice chairman and CEO, unexpectedly passed away on June 29 at age 59 due to complications from an ongoing illness.
“While we mourn the passing of our leader and friend, John Visentin, we continue to be guided by – and benefit from – the four strategic initiatives he articulated for returning Xerox to long-term, sustainable growth,” said Steve Bandrowczak, Xerox interim CEO, in a statement.
The company maintained its guidance for 2022 and expects annual revenue of at least $7.1 million. The guidance assumes supply chain disruption will begin to subside and return-to-office trends will continue to improve throughout the second half of the year.
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