Xerox SHOCKS 💸 Wall Street with Brutal 15% JOB CUTS 🔽 & Hidden CYBER ATTACK! 💻

Xerox, once synonymous with office copying, faces a pivotal shift, aiming to slash 15% of its workforce within the initial quarter of this year as part of a broad "reinvention" strategy. With approximately 23,000 employees as per its annual report, this move signals significant job cuts within the company.

In an official statement, Xerox outlined its intent to revamp its operational model, restructure leadership, and bolster efficiencies. However, this announcement led to a more than 10% drop in shares, as reported by CNBC.

While historically renowned for printers and office gear, Xerox has adapted to digital products and business services as paper document usage declined. Now, it aims to further scale back its printing line.

The pandemic-induced dip in demand, coupled with competition from cheaper Chinese cartridge imitators, has adversely affected Xerox's sales and profits.

CEO Steven Bandrowczak previously noted the company's resilient mindset in the face of challenges, emphasizing a perspective of seizing opportunities rather than dwelling on setbacks.

Despite these changes, Xerox maintains profitability, reporting an adjusted net income of $77 million for its third quarter, up from $44 million the previous year.

Xerox did not immediately respond to Business Insider's request for comment made outside regular working hours.

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Company Profile:-

Founded:- 1960
Industry: Digital Media, Hardware, Information Technology, Printing, Software
Location:- Norwalk, Connecticut, United States
Total Funding:- NA
Company Stage:- Acquired by Fujifilm
Founders:- Chester Floyd Carlson, Joseph Chamberlain Wilson

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