Revenue drop worse than J.P. Morgan’s prediction.
“$1.47 billion of revenue, a decrease of 35.3 percent year-over-year or 34.6 percent in constant currency”
Folks there it is. This a wrap.
https://www.businesswire.com/news/home/20200728005284/en/Xerox-Releases-Second-Quarter-Results
Tech powerhouse to poorhouse to outhouse!
Good job Management now lay-off those lousy, lazy, disloyal workers who caused this mess.
So Xerox has gone from an $11B company at the start of 2018 to a $6B company in 2020. The company then takes $60 Million in Federal Assistance, i.e. taxpayer money, to pay for a quarterly cash dividend of $0.25 in common shares and $20.00 for those Convertible A shares, i.e. Deason's bribe, while this failed leadership continues to take in the cash uninterrupted as everyone else suffers. Just peachy...
And just when you think things would get better at the X along comes COVID-19.
What next ?
Wonder if there will be any packages offered to leave xerox direct?
Kodak reinvents themselves albeit potus aided and sings sinatra for a day
Xerox's creative team ran print job menus for local restaurants w/the down time
Just can't seem to put down the building blocks in the sandbox while competition waves goodbye
Only $600 Million? C'mon Johnny V you can dance harder than that! Forget your SPIN training? Should have told em you'd make Hydroxychloroc-ap like Kodak did for $765 Million. Kodak stock tripled! You hear that? The unmistakable sound of a Digimaster 110 warming up and coming for you...
https://www.bloomberg.com/news/articles/2020-07-28/kodak-gets-765m-u-s-loan-to-make-d–g-ingredients-dj-reports
No doubt this will cost job loss to those that have hung in there during Xerox’s continued
slide into oblivion. No reason to believe third quarter will be any better.
Hang on as Management determines that its loyal hard working employees need to be punished for this transgression..
@uqd Businesses are wising up!
liquid 10 figures and they apply / accept 60mm in govt assistance. f these lowlifes...corp america is such a mobbed up syndicate
hope all the clients if not already p-ss-d off by the communication divide from Sanjay and crew opt out / breach if need be and then pandemic justify to leave these ludacris life contracts
thank you cum again
I really don't understand why we needed to take $60,000,000 in government assistance when we have so much cash on hand. Please correct me if I'm wrong, but didn't they say we have a billion dollars in cash on hand?
Investing in workflow automation, remote IT, cloud services “in a secure manner”?! In light of the decimation of the security function under Dr. Jay, and the curiously still employed remnants of that legacy I sure hope customers have the talent to evaluate all claims of Xerox offerings being “secure”.
$60 million in govt assistance.
Production color sales down 58% !!!!!
Yeah-share repurchases- chasing boss Icahn goal of share price increase. Even with 30+ % revenue reduction, they are aggressively buying back. Sealing their fate by chasing stock price rather than business viability. Also, “doubling sanitizer production in September” and “on track for a 3D metal product by year end”. Q3 is coming.
so government assistance, also not paying a bean to any outsourced staff...and the big guns still think things are rosy? If they don't think this is a change for good they are very naive. Maybe a growth is digital techs but boxes printing on paper is DEAD.
@prc+16aufgEr - Agreed. I was surprised to hear that as well but I’m not sure why. XRX is such a slimy company - of course they took govt assistance.
I found it interesting they are using “government assistance programs” for cash, and then having the balls to say they will be returning 50% of free cash flow to shareholders. I’m not sure who I am more angry with-lack of US governance to make sure bailouts are used as intended, or XRX for obviously using the assistance inappropriately.
I love how they are trying to make things sound positive on the earnings call.
The last part of this was one of my favs from the release; yup, lower pay and no bonus, but no pay cut for him or his cronies.
These actions include the reduction of discretionary spend such as near term targeted marketing programs and the use of contract employees as well as compensation incentives consistent with lower sales and operating results.