Xerox (NYSE:XRX) reported a notable increase in year-over-year net income despite a decline in sales for the third quarter of 2023.
The company also unveiled a strategic plan for reinvention aimed at achieving sustainable profit improvement and driving revenue growth.
During 3Q, Xerox (NYSE:XRX)’s revenue declined by 5.7% year-over-year at $6.57 billion.
The company did, however, report adjusted net income of $77 million, or $0.46 per share, up $44 million or $0.27 per share from the previous year.
In addition to the financial results, Xerox (NYSE:XRX) announced a strategic move, referred to as the "Reinvention" strategy, which is expected to generate a minimum of $300 million in improved adjusted operating income by 2026.
The company aims to streamline its operations and enhance its service offerings to achieve sustainable profit growth and revenue expansion, according to Xerox.
“As we continue simplifying and focusing our operations, Reinvention will reposition our business to enable sustainable profit improvement and revenue growth through the expansion of services that best serve our clients’ needs,” Steve Bandrowczak, CEO of Xerox said in a statement.
Shares of Xerox fell 4.9% in early trading Tuesday at $12.82.