Xerox has seen its first-quarter net profit fall 4 percent after the company spent more on new products.
The printer and copier manufacturer passed a milestone in its transformation to a services-focused company as revenue growth from services pushed the segment to more than half of its sales.
“We’re making a seismic shift in our business,” CEO Ursula Burns said Monday in a conference call, referring to the move towards services .
Xerox said that for the three months ending March 31 it had sales of $5.5 billion, up 1 percent from the same quarter a year earlier.