April 28, 2020 / 10:59 AM / a month ago

Xerox pulls 2020 profit, revenue forecasts on coronavirus worries

(Reuters) - Xerox Holdings Corp (XRX.N) pulled its 2020 revenue and profit forecasts on Tuesday, citing economic uncertainties from the coronavirus outbreak, which had resulted in the cancellation of its $35 billion takeover campaign for HP Inc (HPQ.N).

Xerox has been witnessing a decline in demand for its printers and photocopiers as more businesses digitize their work. The company said lockdowns have restricted its ability to sell, install and service its equipment.

Suspension of non-essential work in certain countries and extended work-from-home are also affecting sales, the company said.

Earlier this month, Xerox had said it would mass produce ventilators and hand sanitizers to help the fight against the coronavirus, which has affected more than 3 million people worldwide.

The company’s revenue fell 14.7% to $1.86 billion on the first quarter ended March 31, but beat market expectations of $1.78 billion, according to IBES data from Refinitiv.

Excluding items, it earned 21 cents per share, below the analysts’ average estimate of 29 cents per share.

Reporting by Ayanti Bera and Supantha Mukherjee in Bengaluru; Editing by Arun Koyyur

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