Xerox Pulled out of Drupa the worlds largest printing show in May 2024

Xerox confirmed a constant currency drop of 9.5% in revenues for 2024, marginally better than the firm’s Q3-issued guidance of a 10% decline for the year. Revenues for Xerox came in at $6.22bn down from $6.89bn, with a pre-tax loss for the year of $1.21bn, compared with a $28m loss in 2023. The 2024 figure includes a non-cash goodwill impairment charge of $1bn.

Xerox has stop making its iGen5 and Nuvera digital presses because "they are not profitable"

Adjusted operating margins for the year slipped from 5.6% to 4.9%. Sales for Xerox’s largest business unit, Print & Other, were down 9.7% in the full year, with profits reduced by 26% from $360m to $268m.The gloomy year-on-year results come in part to a dismal first three quarters to the year, where Xerox was consistently forced to downgrade expectations. The ‘Reinvention’ strategy introduced in January 2024. – involving a 15% reduction in headcount – has thus far involved cutting legacy machines, like the iGen and Nuvera lines, from the company’s portfolio, and striking deals with manufacturers like Screen to add fresh product lines, as well as focusing on its Global Business Services organisation. In late 2024, Xerox also made two major acquisitions. ITSavvy, a US-based provider of IT products and services for $400m, and the pending acquisition of colour printer manufacturer Lexmark in a $1.5bn deal. “In 2025, Xerox says they expect to build on changes made in 2024 in order to focus on executing their Reinvention strategy, realizing the benefits of the ITsavvy and pending Lexmark acquisitions, and strengthening their balance sheet.”