The outfit said it expects to incur about $100 million in restructuring costs in the second quarter as it splits into two companies, one holding its printer operations, and the other its business process outsourcing unit, which offers business process outsourcing and document outsourcing.
Chief Executive Ursula Burns said that Xerox will appoint its top staff by the middle of the year.
Xerox said revenue from its document technology business, which includes sales of printers and copiers, fell 10 percent to $1.6 billion in the quarter.
Sales of printers and copiers, its mainstay for over half a century, have fallen for more than four years.
Net income attributable to the company fell to $34 million in the first quarter ended March 31, from $225 million last year.
Revenue fell to $4.28 billion from $4.47 billion, compared to analysts’ estimate of $4.24 billion.
About the only thing that Xerox can be happy about is that rival printer makers are also suffering. Lexmark International has agreed to be taken private by a group of investors led by China-based Apex Technology Co and PAG Asia Capital in a deal valued at $3.6 billion net of cash.