Xerox Holdings Corp. (XRX) said Tuesday it had net income of $27 million, or 11 cents a share, in the second quarter, down sharply from $181 million, or 60 cents a share, in the year-earlier period. Adjusted per-share earnings, that exclude restructuring and related costs and transaction and related costs among others, came to 15 cents, ahead of the FactSet consensus for a loss of 7 cents a share. Revenue tumbled to $1.465 billion from $2.263 billion, below the $1.482 billion FactSet consensus. "The global COVID-19 pandemic crisis significantly impacted our second quarter 2020 revenues due to business closures and office building capacity restrictions that impacted our customers' purchasing decisions and caused lower printing volumes on our devices," the company said in a statement. Shares were down 0.1% premarket, and have fallen 57% in the year to date, while the S&P 500 has gained 0.3%.
-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
July 28, 2020 06:47 ET (10:47 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.