Impacted by continued declines in the traditional paper printing and copying market, Xerox Corp. reported a 5 percent drop in quarterly revenue from $2.63 billion to $2.5 billion. Net income fell from $183 million to $179 million on a year-over-year basis.
The Norwalk company revised its operating cash flow from continuing operations guidance to reflect incremental pension contributions, the elimination of certain accounts receivable sales programs and higher operational cash flow. Xerox expects to end the year with more than $1 billion of cash on its balance sheet.
“Revenue decline improved sequentially, which we expect to carry through the rest of the year,” CEO Jeff Jacobson said.
Noting that all 29 of Xerox”™s new ConnectKey-enabled office products are now available and shipping to large and small customers around the globe, Jacobson said, “Momentum is building, as expected, entering the last quarter of the year.”
