Xerox Holdings Corp. shares XRX, +1.00% slid 2.9% in premarket trade Tuesday, after the company missed profit estimates for the first quarter by a wide margin as the coronavirus pandemic continued to weigh. The company posted net income of $39 million, or 18 cents a share, in the quarter, after a loss of $2 million, or 3 cents a share, in the year-earlier period. Revenue fell to $1.710 billion from $1.860 billion, ahead of the $1.588 billion FactSet consensus. “In the first quarter, in an environment where many offices remained closed, we grew equipment sales and IT Services revenue year-over-year,” Chief Executive John Visentin said in a statement. The company affirmed guidance for 2021 and said it expects to return to growth during the year. Shares have gained 9% in the year to date, while the S&P 500 SPX, -0.53% has gained 10.8%.
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