Lower Printer Sales Weigh on Xerox Revenue
Xerox Inc (NYSE:XRX) reported a 2 percent fall in quarterly revenue, hurt by slowing demand in its printing business.
Revenue from the printing business fell 6 percent to $2.02 billion in the third quarter ended Sept. 30, from a year earlier.
Net income attributable to Xerox fell to $266 million from $286 million.
On a per-share basis, earnings remained unchanged at 22 cents, below the average analyst estimate of 26 cents.
Revenue fell to $5.12 billion from $5.24 billion.
Analysts on average had expected revenue of $5.19 billion, according 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 Dec. 31.
Analysts on average were expecting a profit of 31 cents per share.
The company's shares were down about 1 percent at $13.06 in premarket trading.
(Reporting By Sai Sachin R and Supantha Mukherjee in Bangalore; Editing by Maju Samuel)