This Week in Imaging: Latest Financial Round-Up: Lower Sales, Profits
This was a significant week in the office-imaging industry, with multiple vendors reporting lower sales and profits, and warning of a slowing economy. Virtually all of the Japan-based vendors cited the strengthening of the Japanese yen versus the European euro (a year ago, the yen equaled 0.0077 euro; today it equaled 0.0083 euro). These vendors also cited ongoing U.S.-China trade friction, as well as a slowing Chinese economy. Despite this, virtually all however still forecasting positive results for their fiscal years that will end next March. (Our coverage this week includes financial results from virtually all Japan-based vendors, including Epson, Konica Minolta, Ricoh, OKI, and Sharp, with links below. Kyocera has not posted results. Last week, we covered Canon’s results – see here.)
Xerox also reported results for its latest financial quarter, again reporting lower revenue year-over-year, but higher net income year-over-year The company’s gains have primarily come from aggressive cost-cutting, with Xerox reporting this week that cost-cutting under its “Project Own It” campaign have helped it realize $640 million in cost savings this year.
This Week in Imaging