Xerox Clocks 7th Consecutive Revenue Miss Quarter In Q3, Slashes 2024 Outlook, Stock Tanks

Xerox Holdings Corp (NASDAQ: XRX) reported a fiscal third-quarter 2024 sales decline of 7.5% year-on-year to $1.53 billion, missing the analyst consensus of $1.63 billion. This was the company’s seventh consecutive quarter of revenue missing the expectations.

Revenues declined 7.3% at constant currency. Adjusted EPS of $0.25 missed the analyst consensus estimate of $0.51. 

XRX stock dropped after the print on Tuesday.

Also Read: Xerox Snaps Up ITsavvy For $400M, Expanding Its Footprint In IT Infrastructure

Equipment sales decreased by 12.2%, while post-sale revenue declined by 6.1%. 

Gross margin was firm Y/Y at 32.4%. The equipment margin fell by 250 bps to ...