In its results, which were released yesterday (21 April), the manufacturer said it had achieved revenue of $1.67bn (£1.29bn) in Q1, down 2.5% from $1.71bn in Q1 last year, or down by 0.7% year-on-year in constant currency terms.

The manufacturer posted a Q1 pre-tax loss of $89m. In the same period a year ago it had posted a pre-tax profit of $53m. The company also made an adjusted operating loss of $3m, compared to an operating profit of $89m a year ago.

Xerox vice chairman and CEO John Visentin said: “Underlying demand for our products and services remains strong, as indicated by our growing backlog and growth in post-sale revenue.

“Broad-based inflationary pressure and increased logistics costs from supply chain disruption resulted in an operating loss, but we expect to offset most of these cost increases over time with price actions and additional Project Own It savings.

“We remain focused on executing the strategic roadmap presented at our Investor Day in February and are committed to monetising our investments in new businesses in ways that maximise shareholder value.”

The company added it is maintaining its revenue and cashflow guidance for 2022. Its guidance assumes that in the second half of the year, supply chain disruption will begin to subside and 'return to office' trends will continue to improve.

Xerox’s share price closed at $16.74 yesterday (21 April) following the release of the results, down 15.7% on Wednesday’s close of $19.85.