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Xerox earnings impacted by COVID-19, but show improvement from earlier this year

Like many companies, Xerox’s latest quarter earnings and sales have been hit hard by the COVID-19 pandemic. But the company is reporting third-quarter numbers that beat Wall Street estimates.

Xerox saw net profits of $90 million, less than half of what it earned at this time last year, when it had earnings of $221 million. Sales were also down sharply, totaling just over $1.7 billion, off about 19% compared to last year at this time.

Brighton Securities Chairman George Conboy said the company has seen good improvement from a few months ago.

“But compare it with earlier this year, what a snap-back. Profits are back up, sales are back up; back up from the worst of the pandemic and management’s doing a good job managing through a very difficult business environment,” Conboy said.

Conboy also noted that Xerox has been able to bounce back due by implementing cost controls while still trying to generate some sales. Xerox says it has used government assistance and furlough programs to keep a lid on costs, but it also says it has largely been able to maintain its employee base.

Xerox CEO John Visentin said that “flexibility and financial discipline” have helped Xerox improve its financial picture from earlier this year, and that investments in digital solutions and services are paying off as companies prepare for a more hybrid work experience between the office and home.

Randy Gorbman is WXXI's director of news and public affairs. Randy manages the day-to-day operations of WXXI News on radio, television, and online.