Profit across the board was $123m, down from $258m the year previous.

Revenues within the manufacturer's production division came in at $1,092m, which was down 14% on the same three months in 2008.

Equipment sales dropped 27% with Xerox attributing fewer installs to the "continued weak economic environment"

Within production colour, there was a 32% decline in installs while the company's mono engines experienced a 22% drop in placements.

Ursula Burns, chief executive at Xerox, said the company's performance reflects its "continued disciplined approach to managing cash and reducing costs".

She added: Just as we are closely managing costs, our customers are doing the same and we have not seen a meaningful shift towards increased spending on technology.

"For many of our business clients – small to large – there remains a hesitancy to invest until more economic factors show signs of steady improvement."

Away from production, the company has won new business through its managed print services division.

"The growth opportunity is significant, customers are demanding more service-related value, and the multi-year contracts provide profitable recurring revenue," said Burns.

The company's share price was $8.03 at the time of writing.