Deteriorating revenue since 2016

Despite attempts to diversify print is still 94% of sales

Adjusted operating margin of 2.2 percent, 470 basis points lower year-over-year.Operating cash flow of $(79) million, lower by $157 million year-over-year.Free cash flow of $(89) million, lower by $159 million year-over-year. Financial analysts have raised concerns about Xerox with comments such as: The company operates in a mature and highly competitive printer industry facing persistent revenue erosion and digital substitution risks. Despite its strong market position and brand recognition, Xerox is facing fundamental challenges that are likely to hinder its growth prospects. Xerox's revenue has been deteriorating year after year and it does not seem to have caught a break. The secular decline in the print industry is mainly driven by decreasing paper usage, weak enterprise spending and subdued economic recovery. On the back of this, the company itself expects its revenue to decline 3% to 5% in 2024, and I expect this trend to continue in the long term.