28 April 2020
Xerox Sales Drop Second Year In A Row
ROCHESTER . NEW YORK—
John Visentin CEO Xerox
John Visentin CEO Xerox
 Xerox has announced first quarter sales fell 14.7% to $1.68bn and said the Covid-19 pandemic had an “immediate impact” on its business globally. Operating profits slumped by 63.6% to $87m from $239m, and the business posted a pre-tax loss of $5m. Adjusted operating margin of 4.7 percent, down 630 basis points year-over-year.
Xerox failed bid for HP
Xerox failed bid for HP
Xerox , which scrapped its $35bn  hostile takeover bid for HP at the beginning of this month, also said that it was withdrawing 2020 financial guidance “due to the high level of economic uncertainty and disruption caused by Covid-19”. Earlier this year, HP called Xerox “a company of questionable value” after the business reported a 6.2% revenue drop for 2019. 
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