- Quarterly Loss: Xerox reported a net loss of $83 million in Q3 2024, influenced by weaker-than-expected copier and printer sales as businesses continue shifting to digital solutions.
- Revenue Decline and Forecast Adjustment: Revenue decreased by around 5% year-over-year, prompting Xerox to lower its revenue expectations for 2024, projecting further declines in hardware demand through the remainder of the year.
- Cost Management Efforts: In response to falling sales, Xerox is increasing cost-cutting measures, which include potential workforce adjustments and strategic investments aimed at long-term efficiencies.
- Focus on Digital Transformation: Xerox emphasized its pivot to digital and managed services as part of a broader transformation strategy to reduce reliance on traditional hardware sales.
These shifts underscore Xerox's adaptation to a rapidly changing office technology landscape as companies increasingly prioritize cloud solutions and digital workflows over physical print solutions