{"id":18617,"date":"2015-10-28T14:49:01","date_gmt":"2015-10-28T19:49:01","guid":{"rendered":"http:\/\/news.medill.northwestern.edu\/chicago\/?p=18617"},"modified":"2015-10-28T14:49:01","modified_gmt":"2015-10-28T19:49:01","slug":"xerox-posts-first-quarterly-loss-since-2010","status":"publish","type":"post","link":"https:\/\/news.medill.northwestern.edu\/chicago\/xerox-posts-first-quarterly-loss-since-2010\/","title":{"rendered":"Xerox posts first quarterly loss since 2010"},"content":{"rendered":"

By Eve Fan<\/strong><\/p>\n

Xerox Corp. reported its first quarterly loss since 2010 and a worse drop in revenue than had been expected, sending shares down 9 percent on Tuesday.<\/p>\n

Xerox<\/a> CEO Ursula Burn also said in a statement late Monday that the company has authorized a “comprehensive review of structural options” for the company as it struggles with declining revenue for its traditional copier and printing machines.<\/p>\n

“We are reviewing structural options for the company’s business portfolio and capital allocation with the goal of enhancing shareholder value,” Burns said.<\/p>\n

<\/p>\n

The Norwalk, Connecticut-based company is \u00a0in the midst of transforming to a business service and document management company as many workplaces are printing fewer paper documents in favor of digital solutions.<\/p>\n

“A break-up of the firm could be on the table, but we don’t think Xerox improves its competitive position if it were to simply split into two,” Peter Wahlstrom, analyst at Morningstar Inc., wrote in a research note.<\/p>\n

Xerox reported late Monday that it lost $34 million, or 4 cents per diluted share, in the quarter ended Sept. 30, compared with a profit of $266 million, or 21 cents per diluted share, \u00a0in the same quarter a year ago.<\/p>\n

Revenue dropped to $4.33 billion, down 9.6 percent\u00a0from $4.76 billion in the same quarter a year earlier, missing\u00a0Zacks’<\/a> analysts consensus estimate of $4.54 billion.<\/p>\n

\"xeroxgraphic\"<\/a>
Xerox Corp. stock price fell nearly 9 percent to $9.29 on Tuesday and rose 3 cents to $9.33 in afternoon trading Wednesday. (Eve Fan\/Medill)<\/figcaption><\/figure>\n

Earlier this month, the company announced it would take an after-tax charge of approximately $240 million in the quarter as it decided not to complete \u00a0its money-losing Health Enterprise Medicaid platform in California and Montana.<\/p>\n

Adjusting for the charge, earnings in the quarter were 24 cents per share, beating Bloomberg LP<\/a>‘s analysts consensus earnings estimate by 1 cent.<\/p>\n

Document technology revenue fell by 9 percent, which contributed about one-third of the overall revenue decline, excluding the impact of the strong U.S. dollar, \u00a0according to Chief Financial Officer Kathy Mikells during a conference call with analysts.<\/p>\n

Mikells announced earlier this month that she is leaving Xerox for a chief financial officer position at the British multinational\u00a0beverage company Diageo PLC<\/a>.<\/p>\n

The stock price, which fell 9 percent on Tuesday, \u00a0rose 3 cents to $9.33 in afternoon trading Wednesday.<\/p>\n

Photo at top: Xerox reported first quarterly loss since 2010. (Eve Fan\/Medill)<\/div>\n","protected":false},"excerpt":{"rendered":"

By Eve Fan Xerox Corp. reported its first quarterly loss since 2010 and a worse drop in revenue than had been expected, sending shares down 9 percent on Tuesday. Xerox CEO Ursula Burn also said in a statement late Monday that the company has authorized a “comprehensive review of structural options” for the company as […]<\/p>\n","protected":false},"author":158,"featured_media":19112,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27,509],"tags":[],"class_list":["post-18617","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-fall-2015"],"yoast_head":"\nXerox posts first quarterly loss since 2010 - Medill Reports Chicago<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/news.medill.northwestern.edu\/chicago\/xerox-posts-first-quarterly-loss-since-2010\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Xerox posts first quarterly loss since 2010 - Medill Reports Chicago\" \/>\n<meta property=\"og:description\" content=\"By Eve Fan Xerox Corp. reported its first quarterly loss since 2010 and a worse drop in revenue than had been expected, sending shares down 9 percent on Tuesday. 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