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Xerox will ‘reinvent’ business after mixed Q3 results

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  • Staff Report 

Xerox Corp. unveiled its third-quarter financial results on Tuesday, revealing a year-over-year increase in net income despite a dip in sales. The company also spotlighted an upcoming reinvention strategy, aiming for sustainable profit growth and enhanced revenue.

The revenue figures stood at $6.57 billion, marking a decline of 5.7 percent compared to the same quarter the previous year. However, in terms of net income, the company reported a GAAP figure of $49 million, which translates to 28 cents a share. This is a considerable jump from the prior year’s figure of $432 million or $2.76 per share. Adjusted net income saw an increase too, clocking in at $77 million or 46 cents a share, a rise from the previous year’s $44 million or 27 cents a share.

Xerox’s leadership has heralded a phase of reinvention for the company, aiming for an uptick in adjusted operating income by a minimum of $300 million by 2026. Xerox CEO Steve Bandrowczak emphasized this strategy, stating, “With our eyes set on streamlining operations, this reinvention aims to bolster profit and revenue growth by expanding services that resonate best with our client requirements.”