XRX - Why Xerox Holdings Was Rallying Today on a Down Day for the Markets
2023-04-25 17:25:12 ET
Shares of Xerox Holdings (NASDAQ: XRX) rose 13.7% on Tuesday, following the Monday night release of its first-quarter earnings report.
Xerox is primarily known for its physical printers, but the company also has some other services-related products, such as workflow, personalization, and communications software. Still, its printing devices and ink sales dominate revenues. That's not a growth industry, which is why the company trades at a very low valuation.
Yet that low valuation set the company up for a spike today, as cost controls enabled Xerox to flip from losses in the year-ago quarter to profits today. And its full-year cash flow guidance also provided room for optimism.
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Why Xerox Holdings Was Rallying Today on a Down Day for the Markets