Xerox Reports Q3 Revenue Up 28.3%, Net Loss Narrows, Adjusted Net Income Down

Xerox reported Q3 revenue of $1.96 bln, up 28.3% YoY, or 27.0% in constant currency. Pro forma revenue was down 7.8%. GAAP net loss narrowed to $(760) mln, or $(6.01) per share, compared to a year ago. Adjusted net income was $27 mln, or $0.20 per share, down $7 mln or $0.05 per share YoY. Adjusted operating margin was 3.3%, down 190 basis points YoY. Operating cash flow was $159 mln, up $43 mln YoY, and free cash flow was $131 mln, up $24 mln YoY.