Xerox reports revenues are down
October 27, 2020
Xerox Holdings Corporation announced its third-quarter 2020 financial results.
The company reported that total revenues of $1.767 billion (€1.495 billion) for the third quarter of its financial year 2020, down 19.7% from the same period of the previous year. Xerox recorded that installations of entry level A4 MFPs are down 9% for colour devices, but up 52% for black and white devices. Its Mid-range devices saw a drop in installations of 21% for colour and 19% for black and white devices.
Equipment revenue overall for the quarter was $419 million (€354 million), down 16.1% year-on-year. Post Sale revenue was down 20.7% year-on-year at $1.348 billion (€1.14 billion).
“The flexibility and financial discipline we have built in our company enabled us to increase earnings and cash flow sequentially. While we can’t reliably predict the ongoing economic impact of the pandemic, we are prepared to respond however events unfold and are committed to delivering positive cash flow and earnings in the fourth quarter. Investments in digital solutions and services are paying off as companies prepare for a more hybrid work experience that shifts seamlessly between the office and home,” said Xerox Vice Chairman and CEO John Visentin.
Business Highlights for the quarter included that Xerox has added or renewed contracts with Fortune 500 and public sector clients such as Aflac, Bell Canada, Mizuho Bank, the State of Illinois, the Texas Health and Human Services Commission, Purolator and the Union of Public Purchasing Groups in France and the Government of Bangladesh.
The company added it has grown market share in production in the region it serves and grew share in entry segments in both the Americas and EMEA. It maintained the top market share position in production in the Americas and EMEA and maintained overall market share leadership for equipment sales revenue in the Americas, according to the most recent IDC data.
Furthermore, Xerox highlighted that it expanded the company’s software portfolio with the launch of DocuShare Go, a cloud-based, SaaS content management platform focused on the small and medium-sized business that automates how users organize, share, collaborate and back up business-critical content.
Categories : City News
Tags : Business Financials OEM Xerox
