Slight growth in Services business not enough to stop 2.2% fall.
Xerox, maker of printers and photocopiers, has reported a 2.2% fall in Q3 revenue as demands for its printing business witnessed a slow down.
Ursula Burns, Xerox Corp’s chief executive, said that the results were lower than expected.
Xerox has recently been focusing on moving to document management and IT outsourcing services amidst the fall in demand for printers and copiers.
Xerox reported a $266m profit overall, compared to $286m for the same period in 2013. Revenue from its printing business dropped 6%.
But revenue from the company’s Services business, which represented 57% of total revenue, was $2.9bn, up 1%
"This quarter we delivered earnings at the high end of our range. Profits from our Document Technology business came in above expectations while Services results were lower than planned," said Burns.
"Our Document Technology business continues to provide strong profitability, and we are continuing to invest in our Services business for revenue and profit improvement by strengthening leadership and evolving our operating model to better leverage our scale and drive efficiency and customer value. These activities will position us well for the future."