Bengaluru — Xerox fell short on revenue but beat estimates for profit on the back of cost-cutting in its first full quarter under new management backed by activist investors Carl Icahn and Darwin Deason. The US photocopier, which is facing a long-running decline in its core business, reported net profit that roughly halved and said revenue fell 5.8% year-on-year to $2.35bn in the third quarter ended September 30, below an average analyst estimate of $2.42bn. Operating cash flow for the quarter, however, rose and the company increased its 2018 share repurchase target to $700m from $500m and forecast for full-year free cash flow to between $900m and $1bn. “Clearly, our priority to drive revenue requires the most effort,” CEO John Visentin, who worked as a consultant to Icahn in the proxy fight, said on a call with analysts. “We are putting in place actions to sustainably improve our revenue performance. These start with building a more simplified, agile organisational structures and i...
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