July 26, 2018 / 10:39 AM / 20 days ago

Xerox reports 2 percent drop in quarterly revenue

July 26 (Reuters) - Xerox Corp, which recently scrapped a $6.1 billion merger with Japan’s Fujifilm Holdings Corp, reported a 2.2 percent drop in quarterly revenue as more businesses go digital, dampening demand for its printers and photocopiers.

Net income attributable to Xerox fell to $112 million, or 42 cents per share, in the second quarter ended June 30, from $166 million, or 63 cents per share, a year earlier. The profit was hurt by transaction costs of $58 million.

Total revenue fell to $2.51 billion from $2.57 billion.

The company also said it will repurchase up to $500 million of shares in 2018. (Reporting by Sonam Rai in Bengaluru; Editing by Bernard Orr)

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