John Visentin CEO of Xerox unexpectedly passed away in early July .

Second-quarter sales at Xerox were down by 2.6% year-on-year at $1.75bn. The report released  for the three months to 30 June also showed that the manufacturer’s adjusted operating profit dropped to $35m from $126m a year ago while it made a Q2 pre-tax loss of $5m, compared to a pre-tax profit of $99m at the same stage last year. Xerox is maintaining its revenue and free cash flow guidance for 2022.

Has tried to diversify since before the pandemic with little success .

Its guidance, which assumes supply chain disruption will begin to subside and return-to-office trends will continue to improve throughout the second half of the year, is for revenue of at least $7.1bn in actual currency, free cash flow of at least $400m . Xerox’s shares have fallen by close to 40% since the start of the year – at its highest point of 2022 .