Xerox falls after lowering 2024 revenue forecast

Xerox Holdings

29/10/2024 14:27

(Updates)
    ** Shares of office equipment maker Xerox Holdings  XRX.O 
fall 20.2% to $8.21, hitting a record low 
    ** Co lowers 2024 rev forecast from a decline of 5% to 6% in
constant currency to a decline of around 10% in constant
currency to reflect additional reductions in non-strategic
revenue and lower-than-expected equipment sales
    ** Posts Q3 adj EPS of 25 cents, below estimates of 51 cents
- LSEG
    ** Q3 rev of $1.53 bln is below analysts' estimates of $1.63
bln, according to data compiled by LSEG  
    ** Co no longer expects to grow adj operating income $300
mln above 2023 levels by 2026
    ** 3 out of 6 brokerages rate stock "hold", 3 "sell" or
lower; median PT is $10.75 - LSEG data
    ** Including session's move, stock down about 55.5% YTD
    

 (Reporting by Sukriti Gupta in Bengaluru)
 ((Sukriti.Gupta@thomsonreuters.com;))