Xerox withdraws 2020 guidance due to economic uncertainty caused by covid-19
Xerox releases first-quarter results.q1 gaap loss per share $0.03 from continuing operations.q1 revenue $1.86 billion versus refinitiv ibes estimate of $1.72 billion.q1 earnings per share estimate $0.36 -- refinitiv ibes data.withdraws 2020 financial guidance due to economic uncertainty caused by covid-19.qtrly adjusted earnings per share (eps) of $0.21.effects of covid-19 pandemic have materially affected how we and our customers are operating our businesses.xerox - duration & extent to which covid-19 pandemic will impact future results of operations & overall financial performance remain uncertain.xerox - base model for covid-19 impact assumes greatest impact to revenue from business closures during q2, with inflection point late in that period, gradual recovery in q3.xerox holdings - for q4, expect to get closer to our planned levels for that period.xerox holdings - most significant near-term impact from covid-19 crisis is on equipment & unbundled supplies sales which are transactional in nature.xerox holdings - expect equipment and unbundled supplies sales to rebound in second half as businesses reopen.xerox holdings - global covid-19 pandemic crisis significantly impacted q1 2020 revenues due to business closures during month of march.q1 total revenue includes 0.8-percentage point unfavorable impact from currency.in north america, business shutdowns impacted co's operations in second part of march only.
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