21 April 2021
Xerox Sales Down 8% In First Quarter
STAMFORD , CONNECTICUT—
Has been hit by closed office
Has been hit by closed office
Xerox’s sales fell year-on-year in first quarter, due to the continued impact of the coronavirus pandemic, but profits crept up. Xerox recorded revenue  down 8.1% from $1.86bn a year ago of $1.71bn in the three months ended 31 March 2020. The company's  operating profits were up slightly by 2.3% from $87m to £89m, while it posted a pre-tax profit of $53m, having suffered a pre-tax loss of $5m in the same period last year. Xerox said business was still being impacted by Covid-19 and that recovery in the near-term
Break up of deal with Fuji have not been felt yet.
Break up of deal with Fuji have not been felt yet.
“may be uneven and affected by the emergence of new variants of the virus and the resurgence of elevated Covid-19 cases in various countries and regions”. Xerox also said it had recognised savings of around $10m in Q1 from the use of various temporary government aid schemes in the US, Canada and Europe designed to support businesses through the pandemic. Xerox vice chairman and CEO John Visentin said: “In the first quarter, in an environment where many offices remained closed, we grew equipment sales and IT Services revenue year-over-year.
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