Business Standard

Corrected - Xerox reports fourth-quarter loss


(Corrects last paragraph to say the two investors 'pushed', not 'persuaded' Xerox to explore options)
(Reuters) - Printer and copier maker Xerox Corp reported a quarterly loss on Wednesday as tumbling demand for office printing took a toll on its results.
The company reported a net loss from continuing operations of $196 million, or 78 cents per share, in the quarter ended Dec. 31, compared with a profit of $185 million, or 70 cents per share, a year earlier.
Total revenue was nearly flat at $2.75 billion.
Japan's Fujifilm Holdings is set to take over Xerox, and combine the U.S. company into their joint venture Fuji Xerox in an effort to cut costs, the companies said in a separate statement.
Billionaire investors Carl Icahn and Darwin Deason, who collectively hold over 15 percent of Xerox, had jointly pushed the photocopier pioneer to explore strategic options, oust its "old guard," including its CEO Jeff Jacobson.
(Reporting by Ismail Shakil and Muvija M in Bengaluru; Editing by Gopakumar Warrier)

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First Published: Jan 31 2018 | 3:40 PM IST

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