Xerox Reports Drop in Q3 Revenue

Originally published at Businessinsider.

Xerox reports 5.8 percent drop in revenue

(picture: Thomson Reuters)

Xerox Corp, engaged in a tense standoff with Fujifilm Holdings Corp over an aborted merger, reported a 5.8 percent drop in quarterly revenue on Tuesday, as corporates cut back spending on printers and photocopiers.

Net income attributable to Xerox fell to $89 million, or 34 cents per share, in the third-quarter ended Sept. 30, from $179 million, or 68 cents per share, a year earlier, hurt by higher taxes.

Total revenue fell to $2.35 billion from $2.50 billion.

Last week, Fujifilm won an appeal that could give the Japanese company leverage to bring Xerox management back to the negotiating table.

Xerox in May scrapped a planned $6.1 billion merger with partner Fujifilm in a settlement with activist investors Carl Icahn and Darwin Deason that also handed control of the U.S. photocopier giant to new management.