What happened to Xerox shares?
Xerox shares fell hard after the enterprise printer company posted weaker-than-expected results and slashed its financial forecasts for the full year. For the third quarter, Xerox (ticker: XRX) posted revenue of $1.75 billion, down 0.4% from a year earlier, and slightly below the Wall Street consensus for $1.77 billion.
Why did Xerox cut its free cash flow forecast?
The company, whose largest shareholder is activist investor Carl Icahn, cut its annual free cash flow (FCF) forecast to at least $125 million from about $400 million. The reduction is partly due to persistently high inflation and slower-than-expected supply chain improvements, Xerox said.
How did Xerox holdings (XRX) perform in third-quarter 2022?
Xerox Holdings Corporation XRX reported lower-than-expected third-quarter 2022 results. Adjusted EPS of 19 cents missed the Zacks Consensus Estimate by 48.7% and declined 60.4% year over year. Total revenues of $1.8 billion lagged the consensus mark by 1.7% and decreased marginally year over year on a reported basis.
What is Xerox's revenue forecast for 2022?
Xerox on Tuesday lowered its 2022 revenue forecast to between $7 billion and $7.1 billion, compared to its previous forecast of at least $7.1 billion, reflecting a weaker euro and British pound.