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Xerox posts a loss for the most recent quarter

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xerox.com
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Xerox is reporting a loss for its most recent quarter. But the company still feels positive about trends it’s seeing this year.

This was the first quarterly report coming out of Xerox since the news just about a month ago, that Vice Chairman and CEO John Visentin had died.

And in his remarks to investors on Tuesday, the interim CEO, Steve Bandrowczak said the company will honor Visentin by continuing the strategic initiatives he established.

Xerox did see a $4 million loss in its 2nd quarter, compared to a $91 million profit at this time a year ago. Sales were down slightly, off by 2.6% to nearly $1.75 billion.

Bandrowczak said that even with concerns expressed by some analysts about the U.S. economy, Xerox is still seeing strong demand for its products.

“Fears of an economic slowdown have emerged,” Bandrowczak said during a call with analysts. "But we do not yet see a slowdown in spending from our clients; rather we continue to experience a recovery in demand from post-pandemic lows, particularly in equipment sales.”

Xerox is maintaining its revenue and cash flow guidance for 2022. That guidance assumes supply chain disruption will begin to subside, and the trend of more workers returning to the office will continue to improve throughout the second half of the year.

Bandrowczak did indicate that Xerox continues to look at keeping a close eye on costs, as it tries to keep the company financially sound. Xerox employs more than 1,700 people in the Rochester area, mostly in Webster.

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.