XRX - Why Xerox Stock Is Crashing Today
Shares of Xerox Holdings (NASDAQ: XRX) tumbled on Tuesday, following the document management and printing equipment veteran's disappointing third-quarter report. Share prices dipped 25.8% lower at 9:45 a.m. ET before recovering to a 17.5% loss by 1:20 p.m. ET.
Xerox's third-quarter sales landed at $1.75 billion, a rounding error below the year-ago result. Adjusted earnings declined by 60%, stopping at $0.19 per diluted share. The average Wall Street analyst had expected earnings closer to $0.43 per share on top-line revenues in the neighborhood of $1.77 billion.
Furthermore, management lowered its full-year revenue guidance by approximately $50 million. The bottom end of Xerox's free cash flow target for the same period dropped from $400 million to $125 million.
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Why Xerox Stock Is Crashing Today