Xerox (NASDAQ:XRX) reports $113M loss amid major rehaul efforts

Xerox Holdings Corporation (NASDAQ:XRX) today unveiled the results of a challenging first quarter in 2024 as it navigates through extensive structural changes aimed at revitalizing the company.

Financially, Xerox experienced a significant downturn, with revenues dropping to $1.50 billion, a decrease of 12.4%, or 13.2% in constant currency terms, compared to the same period last year.

The company recorded a GAAP net loss of $113 million or $0.94 per share, a steep decline from the previous year, influenced heavily by $100 million in after-tax charges related to its Project Reinvention.

Adjusted net income stood at $11 million, or $0.06 per share, reflecting a decrease of $71 million or $0.43 per share year-over-year.

Additionally, Xerox reported a sharp fall in operating cash flow to $79 million and free cash flow to $89 million, both significantly lower than last year's figures.

Despite these results, CEO Steve Bandrowczak remains optimistic about the company's strategic direction.