Xerox Clocks 7th Consecutive Revenue Miss Quarter In Q3, Slashes 2024 Outlook, Stock Tanks
Portfolio Pulse from Anusuya Lahiri
Xerox Holdings Corp (NASDAQ: XRX) reported a 7.5% decline in Q3 2024 revenue, marking the seventh consecutive quarter of missing expectations. The company also slashed its 2024 outlook, leading to a significant drop in stock price. Equipment sales decreased by 12.2%, and post-sale revenue declined by 6.1%. Despite some progress in operating income and margins, the outlook for revenue and free cash flow was reduced.
October 29, 2024 | 1:24 pm
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Xerox reported a 7.5% decline in Q3 2024 revenue, missing expectations for the seventh consecutive quarter. The company also reduced its 2024 outlook, leading to a significant drop in stock price.
Xerox's consistent failure to meet revenue expectations and the reduction in its 2024 outlook are significant negative indicators for investors. The stock's premarket drop of 16.7% reflects the market's reaction to these developments.
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