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Xerox Q2 Revenues Down 18%

July 23, 2009  By Jon Robinson

Xerox Corp. today announced revenues of US$3.7 billion for its second quarter of 2009, which represents an 18 percent drop from second-quarter 2008. The company states this includes a 5-point negative impact from currency.

“We have seen sequential improvement with revenue up 5 percent from the first quarter,” said Ursula Burns, Xerox Chief Executive Officer. “However, assuming current economic conditions persist, we expect revenue will remain under pressure during the balance of this year.”

Equipment sale revenue declined 29 percent during the company’s second quarter, while operating cash flow reached US$609 million. Xerox ended the second quarter with a cash balance of $1.2 billion, and total debt was down US$347 million through the first half of the year. Xerox plans to reduce overall debt by US$1 billion this year.

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