RTTNews | Jan 26, 2021 06:55AM EST

06:54 Tuesday, January 26, 2021 (RTTNews.com) - Workplace technology company Xerox Holdings Corp. (XRX) reported Tuesday that net income for the fourth quarter fell to $77 million or $0.36 per share from $818 million or $3.61 per share in the year-ago quarter.

Excluding items, adjusted earnings from continuing operations for the quarter were $0.58 per share, compared to $1.33 per share last year.

Revenue for the quarter declined 21.0 percent to $1.93 billion from $2.44 billion in the same period last year. Revenue decreased 22.3 percent in constant currency from last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.60 per share on revenues of $1.90 billion for the quarter. Analysts' estimates typically exclude special items.

For fiscal 2021, Xerox forecast revenue of at least $7.2 billion in constant currency or about 2.5 percent growth. The Street expects revenue of $7.04 billion for the year.

Xerox said it plans to stand up its Software, Financing and Innovation organizations as separate and distinct businesses by 2022.

The company also said that in the coming months, it will establish a $250 million corporate venture capital fund to invest in start-ups and early and mid-stage growth companies aligned with the company's innovation pillars and targeted adjacencies.

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