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Xerox revenues on the slide as demand for printers is fading(City A.M. (UK) Via Acquire Media NewsEdge) PRINTER and copier maker Xerox yesterday reported a two per cent fall in quarterly revenue, hurt by slowing demand in its printing business. Revenue from printers fell six per cent to $2.02bn (£1.25bn) in the third quarter ended 30 September, from a year earlier. Net income attributable to Xerox fell to $266m from $286m. On a per-share basis, earnings remained unchanged at 22 cents, below the average analyst estimate of 26 cents. Revenue fell to $5.12bn from $5.24bn. Analysts on average had expected revenue of $5.19bn, accord-ing to Thomson Reuters I/B/E/S. Xerox, which has been diversifying away from its printers and copiers, also forecast adjusted earnings of 30-32 cents per share for the current quarter ending 31 December. Analysts on average were expect-ing a profit of 31 cents per share. In a statement, Xerox chief executive Ursula Burns said: "Profits from our document technology business came in above expectations while services results were lower than planned. "Our document technology business continues to provide strong profitability, and we are continuing to invest in our services business for revenue and profit improvement… These activities will position us well for the future." Reuters (c) 2014 City A.M. |