The OEM saw revenue fall four percent, with a six percent fall from document technology alone.
Xerox’s 4Q results saw total revenue for the company fall four percent to $5.6 billion (€4.09 billion), with revenue from its services business, which makes up 55 percent of the total, remain flat at $3 billion (€2.1 billion), whilst its document technology business, representing 42 percent of the total, fell six percent to $2.4 billion (€1.75 billion).
The OEM added that it generated around $1 billion (€730.6 million) in cash flow from operations during the fourth quarter, as well as $2.4 billion (€1.75 billion) for the year, with a year-end cash balance of $1.8 billion (€1.3 billion). In turn, it had repurchased $524 million (€382.8 million) of shares in the quarter and $700 million (€511.4 million) throughout 2013.
Ursula Burns, Chairman and CEO of Xerox, noted: “We managed anticipated headwinds while continuing to build our business by investing in growth markets such as healthcare and graphic communications, and expanding Services internationally. Looking ahead, we’re focused on evolving our portfolio and implementing our cost initiatives to improve both revenue and margins.
“Our clients continue to partner with us to take out complexities in their business processes and we’re seeing success in the marketplace. With services signings up 21 percent in the past year and our BPO and ITO renewal rate at 92 percent for the year, we’re well positioned entering 2014.”