Xerox Releases First-Quarter Results

Xerox Holdings Corporation (NASDAQ: XRX) today announced its 2023 first-quarter results.

“Our team delivered another quarter of strong performance while remaining laser-focused on our three strategic priorities for 2023: client success, profitability, and shareholder returns,” said Steve Bandrowczak, chief executive officer at Xerox. “Despite a challenging macroeconomic climate, demand for our equipment and services remains resilient and is supported by service offerings that help our clients mitigate current macro headwinds like higher inflation, labor shortages, and tighter liquidity conditions. Further, the benefits of a more flexible cost base and ongoing operational efficiencies helped drive improvements in profitability in the first quarter.”

Q1 2023
• Revenue of $1.72 billion, up 2.8 percent year-over-year or up 5.5 percent in constant currency.
• Operating cash flow of $78 million, up $12 million year-over-year.
• Donated Palo Alto Research Center (PARC) to SRI International in April, providing Xerox greater capacity to pursue innovation projects in Print, IT, and Digital Services.
• Repaid $450 million of debt during the quarter.
details at: https://s3.amazonaws.com/cms.ipressroom.com/84/files/20233/1Q2023-XRX-Earnings-Release.pdf

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