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30 October 2024
Xerox Reports Another Loss And It's Shares Tank
ROCHESTER . NEW YORK—
Xerox's results for the three months ended 30 September Xerox reported sales down 7.5% at $1.53 billion. This was the seventh consecutive quarter where sales have fallen. Sales Xerox's major business unit, Print & Other, were down 7.5% at nearly $1.46 billion. Adjusted operating margins increased to 5.2% from 4.1%. The net loss was $1.2 billion.
Shares in Xerox have tanked after the group missed its quarterly sales forecasts again, and downgraded its outlook for this year and beyond. Xerox’s share price fell to a 52-week low of $8.02 on the earnings announcement from a high of $19.78. The shares have lost more than 50% of their value since the beginning of the year.
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