(fxcue news) - Shares of Xerox Holdings Corp. were plunging around 21 percent in the early morning trading on the Nasdaq, as the workplace technology company trimmed its fiscal 2024 margin and revenue forecast, after reporting a hefty loss in its third quarter, compared to prior year's profit, with weak revenues. Adjusted earnings and top line missed market estimates. Steve Bandrowczak, chief executive officer at Xerox, said, "While equipment revenue fell short of expectations, we continue to see steady progress from Reinvention initiatives taken to date. … Operational improvements and enterprise-wide efficiencies are driving services signings momentum, improved decision-making and a sustainably lower cost base. These gains give us confidence Reinvention will enable long-term profitable growth as we continue this multi-year journey." For fiscal 2024, the company now expects adjusted operating margin of around 5 percent, lower than previously expected at least 6.5 percent. Revenue for the year is now expected to be down around 10 percent in constant currency, while the previous outlook was a decline of 5 percent to 6 percent in constant currency. The outlook was lowered to reflect additional reductions in non-strategic revenue and lower-than-expected equipment sales. Due to lower-than-expected revenue in 2024, Xerox said it no longer expects to grow adjusted operating income $300 million above 2023 levels by 2026. However, the firm continues to expect growth in adjusted operating income and a return to double-digit adjusted operating income margin over the course of its Reinvention. In its third quarter, Xerox reported net loss attributable to shareholders of $1.21 billion or $9.71 per share, compared to last year's profit of $45 million or $0.28 per share. The latest result were hurt by a non-cash goodwill impairment charge of approximately $1.0 billion or $8.16 per share. Adjusted earnings were $34 million or $0.25 per share for the period, compared to $77 million or $0.46 per share a year ago. Revenue for the quarter declined 7.5 percent to $1.528 billion from $1.652 billion in the same period last year. The drop was 7.3 percent at constant currency rates. Analysts on average expected the company to report earnings of $0.51 per share on sales of $1.63 billion, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items. Print and Other revenues fell 7.5 percent from last year to $1.46 billion. On the Nasdaq, Xerox shares were trading at $8.16, down 20.62 percent. For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.