Xeroxs Profit Drops By More Than Half
Posted by Peter Cragg
Printer and ink cartridge manufacturer Xerox has recorded profits of $123 million (£74 million) during the third quarter of 2009.
According to the company, the figure is down from the $258 million seen during the same period in 2008.
Revenue was down by 16 per cent to $3.7 billion year-on-year while the company posted an operating cash flow of $610 million.
Ursula Burns, Xerox chief executive officer, said: "Our third-quarter performance reflects our continued disciplined approach to managing cash and reducing costs.
"As a result, we exceeded our expectations for earnings and operating cash flow, and are benefiting from operational improvements that are mitigating the economic challenges."
She added that the impact of the global financial downturn means both consumers and businesses have been reluctant to invest in new technology, a trend which is likely to continue.
Xerox has generated $1.2 billion in operating cash flow during the third quarter and has increased its forecast for the full year to $1.7 billon.