April 28, 2020 / 10:48 AM / a month ago

Xerox withdraws 2020 profit, revenue outlook on coronavirus worries

April 28 (Reuters) - Xerox Holdings Corp pulled its 2020 revenue and profit forecasts on Tuesday, citing economic uncertainties from the coronavirus outbreak, which had also resulted in the cancellation of its $35 billion takeover campaign for HP Inc.

In the first quarter ended March 31, Xerox’s revenue fell 14.7% to $1.86 billion, but beat market expectations of $1.78 billion, according to IBES data from Refinitiv.

Excluding items, the company earned 21 cents per share, below the analysts’ average estimate of 29 cents per share. (Reporting by Ayanti Bera and Supantha Mukherjee in Bengaluru; Editing by Arun Koyyur)

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