Xerox Corp (NYSE:XRX) announced its revenue for the third quarter that fell short of estimates. The company said that it would carry out a thorough assessment of structural options. XRX shares slipped more than 1 percent today following the news.
The company and its competitors, including Lexmark International and Hewlett-Packard Co, have been struggling to boost sales, as business customers have decreased printing to save expenses, as well as due to shift of consumers to mobile devices.
Last week, Lexmark also said that it was seeking strategic options and is taking advisory services from Goldman Sachs Inc on the process.
Chief Executive Officer at Xerox, Ursula Burns said in a statement that the company has already taken measures to speed up cost cuts and prioritize investments to boost enhanced productivity and improved margins, but Xerox board determined that conducting a thorough review of structural options for its portfolio is the right choice at the moment.
The maker of printers and copiers posted a loss of $34 million, or 4 cents a share for the latest quarter ended Sept. 30, as compared to earnings of $266 million, or 22 cents a share, one year ago. On adjusted basis, the company earned 24 cents a share.
Revenue for the quarter came in at $4.33 billion, down 9.6 percent from the same period last year. Analysts were looking for earnings of 23 cents a share on $4.54 billion in revenue.
Looking forward, Xerox is anticipating adjusted profit in the range of 28 cents per share to 30 cents per share for the current quarter, matching consensus forecast of 29 cents per share.
The company has also struggled against a stronger dollar, which has hurt revenue of most of the companies based in the United States.
