Xerox like so many other companies is feeling the impact of Covid-19 pandemic. The company recently released its second- quarter earnings with mixed results.
Both profits and sales for the quarter are down sharply from the same period a year earlier. Revenues dropped about 35%, and earnings of around $27 million are much lower than the $181 million the company earned a year ago.
However, on a more optimistic note the adjusted earnings of 15 cents per share topped Wall Street estimates, while sales came in a little less than analysts had projected.
Many businesses and offices have been closed during the pandemic and that has a big impact on sales of equipment and supplies.
“I am proud of our employees who did what was necessary during this unprecedented disruption to support our business and clients, especially those delivering essential services. While the bulk of our markets were fully or partially shut down during the quarter, our team’s financial discipline enabled us to deliver positive earnings per share and cash flow while continuing to invest in key areas of growth,” said Xerox Vice Chairman and CEO John Visentin. “No one can control or accurately predict what happens next. We have modeled numerous scenarios to ensure we have flexibility no matter how the pandemic continues to impact global business,” concluded Visentin.
