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April 20, 2021, 6:50 a.m. EDT

Xerox shares slide 2.9% premarket as profit falls short of estimates

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By Ciara Linnane

Xerox Holdings Corp. shares /zigman2/quotes/201169674/composite XRX +0.62% slid 2.9% in premarket trade Tuesday, after the company missed profit estimates for the first quarter by a wide margin as the coronavirus pandemic continued to weigh. The company posted net income of $39 million, or 18 cents a share, in the quarter, after a loss of $2 million, or 3 cents a share, in the year-earlier period. Revenue fell to $1.710 billion from $1.860 billion, ahead of the $1.588 billion FactSet consensus. "In the first quarter, in an environment where many offices remained closed, we grew equipment sales and IT Services revenue year-over-year," Chief Executive John Visentin said in a statement. The company affirmed guidance for 2021 and said it expects to return to growth during the year. Shares have gained 9% in the year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.74% has gained 10.8%.

/zigman2/quotes/201169674/composite
US : U.S.: NYSE
$ 24.47
+0.15 +0.62%
Volume: 1.51M
May 7, 2021 4:04p
P/E Ratio
23.12
Dividend Yield
4.09%
Market Cap
$4.70 billion
Rev. per Employee
$284,291
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/zigman2/quotes/210599714/realtime
US : S&P US
4,232.60
+30.98 +0.74%
Volume: 2.05B
May 7, 2021 5:15p
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