Printer maker Xerox's revenue falls 4.2 pct

Xerox scientist Reiner Eschbach demonstrates how an ultraviolet light can reveal hidden words and figures.
Source: John Griebsch | Xerox

Printer and copier maker Xerox reported a 4.2 percent fall in quarterly revenue, hurt by a strong dollar and lower sales of printers and copiers.

The firm's shares fell more than 13 percent Monday. (Click here for the latest quote.)

The company is focusing on its services business, which offers business process outsourcing and document outsourcing, as sales of printers and copiers, its mainstay for over half a century, have fallen for more than four years.

The company said revenue from its document technology business, which includes sales of printers and copiers, fell 10 percent to $1.6 billion.

Xerox said in February it would split into two companies, one holding its legacy printer operations and the other its business process outsourcing unit.

The split is expected to take effect by the end of this year.

The company said on Monday it expected an adjusted profit of 24 cents to 26 cents per share for the second quarter.

Net income attributable to the company fell to $34 million, or 3 cents per share, in the first quarter ended March 31, from $225 million, or 19 cents per share, a year earlier.

On an adjusted basis, the company earned 22 cents per share.

Revenue fell to $4.28 billion from $4.47 billion.

Analysts on an average expected a profit of 23 cents per share and a revenue of $4.24 billion, according to Thomson Reuters I/B/E/S.