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☆ Xerox to cut 15% of its workforce
  + stars: | 2024-01-03 | by ( Ashley Capoot | In | ) www.cnbc.com   time to read: +1 min
Xerox on Wednesday announced it will cut 15% of its workforce as part of a plan to implement a new organizational structure and operating model. Xerox, which offers digital printing and document management technologies, had about 20,500 employees as of Dec. 31, 2022, according to a filing with the U.S. Securities and Exchange Commission. The company's restructuring plan involves simplifying its products within its core print business, increasing efficiency across its global business services and boosting focus on IT and other digital services, according to a release. Xerox said it also redesigned its executive team to help carry out the new model. Xerox will carry out the cuts this quarter, according to the release.
Persons: Steven Bandrowczak Organizations: Xerox, Wednesday, U.S . Securities, Exchange Commission, CNBC PRO
☆ Xerox shares slide as annual revenue, cash flow forecasts take a hit
  + stars: | 2022-10-25 | by ( ) www.reuters.com   time to read: +1 min
Oct 25 (Reuters) - Xerox Holdings Inc's (XRX.O) shares plunged about 25% to 13-year lows on Tuesday after the photocopy maker slashed its annual revenue and cash flow forecasts, blaming a stronger dollar and a slower-than-expected recovery in global supply chains. Xerox on Tuesday lowered its 2022 revenue forecast to between $7 billion and $7.1 billion, compared to its previous forecast of at least $7.1 billion, reflecting a weaker euro and British pound. The company, whose largest shareholder is activist investor Carl Icahn, cut its annual free cash flow (FCF) forecast to at least $125 million from about $400 million. The reduction is partly due to persistently high inflation and slower-than-expected supply chain improvements, Xerox said. Third-quarter revenue of $1.75 billion fell short of analysts' estimate of $1.77 billion, according to Refinitiv data.
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