04.27.22
Xerox Holdings Corporation announced its 2022 first-quarter results. Revenue in 1Q 2022 was $1,668 million, down 2.5% from 1Q 2021. Gross margin was 31.8%, compared to 35.7% in 1Q 2021.
“Revenue was in line with expectations this quarter despite an increasingly volatile operating environment,” said John Visentin, Xerox vice chairman and CEO. “Underlying demand for our products and services remains strong, as indicated by our growing backlog and growth in post- sale revenue. Broad-based inflationary pressure and increased logistics costs from supply chain disruption resulted in an operating loss, but we expect to offset most of these cost increases over time with price actions and additional Project Own It savings.”
Beginning in the first quarter of 2022, the company made a change to its reportable segments from one reportable segment to two reportable segments - Print and Other, and Financing (FITTLE). The Financing segment reporting is partly the result of the stand-up of this business in 2021.
“Revenue was in line with expectations this quarter despite an increasingly volatile operating environment,” said John Visentin, Xerox vice chairman and CEO. “Underlying demand for our products and services remains strong, as indicated by our growing backlog and growth in post- sale revenue. Broad-based inflationary pressure and increased logistics costs from supply chain disruption resulted in an operating loss, but we expect to offset most of these cost increases over time with price actions and additional Project Own It savings.”
Beginning in the first quarter of 2022, the company made a change to its reportable segments from one reportable segment to two reportable segments - Print and Other, and Financing (FITTLE). The Financing segment reporting is partly the result of the stand-up of this business in 2021.