Restructuring efforts hinder Xerox's Q4 results

Andrea Deckert//January 25, 2024//

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Xerox Xerox Corp. reported declines in year-over-year fourth-quarter sales and profit, largely due to restructuring efforts.

The company reported before markets opened Thursday fourth quarter sales of $1.77 billion, a decrease of 9.1 percent year-over-year, or 10.6 percent in constant currency.

The revenue decline was due to structural simplification efforts, the company reported.

The GAAP net loss for the quarter was $58 million, or 50 cents a share, which includes an after-tax restructuring and related costs, net charge of $78 million, or 62 cents a share, related to workforce reduction.

Earlier this month, Xerox announced plans to reduce 15 percent of its global workforce, as part of a new strategic plan and operating model.

The company employs 1,754 local workers and ranked as the region’s second largest manufacturer, according to the 2024 RBJ Book of Lists.

“As we enter 2024, we are focused on stabilizing and strengthening our core print business, driving enterprise-wide efficiency and productivity gains through our new global business services organization, and further capturing opportunities in digital and IT services,” said Steve Bandrowczak, Xerox CEO, in a release.

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