Xerox Holdings Corporation's (XRX) shares are experiencing a substantial increase of over 9% this Thursday morning. This rise is happening despite the company's fourth-quarter results falling short of analyst predictions.
In the most recent fourth-quarter results, Xerox reported a net loss totaling $61 million, equal to $0.50 per share. This contrasts sharply to the $118 million profit, or $0.74 per share, stated in the previous year.
This quarter's figures include an after-tax charge of $78 million, or $0.62 per share attributed to restructuring and associated costs. These additional costs are directly linked to the recently announced workforce efficiency measures.
After excluding one-time expenses, earnings came out to be $56 million or $0.43 per share. This number didn't hit the target, as it underperformed the average Thomson-Reuters analyst prediction of $0.52 per share.
Revenue also dwindled by 9.1 percent, standing at $1.765 billion, down from last year. Analysts had forecasted revenue to reach $1.79 billion.
Currently, XRX's share price stands at $18.57. Over the past 52 weeks, it has fluctuated between $12.06 and $19.00 per share.
