Xerox Revenue Down 18 Percent as Equipment Sales Slide
Xerox Corporation announced first-quarter 2009 results with total revenue of $3.6 billion, down 18 percent. The decline was largely attributed to a steep drop in equipment sales, where the company saw a drop of 30 percent.
Xerox cut its total debt by $485 million in the first quarter and plans to reduce overall debt by more than $1 billion in 2009. The company stated again that it will have $250 million in savings this year from previous restructuring actions, as well as an additional $300 million in non-restructuring cost and expense reductions that will flow through to earnings and cash generation.
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