Printer manufacturer Lexmark said that weak demand, particularly in Europe, pushed its revenue down 12 percent in the second quarter compared to a year earlier. Profits also fell to $39.2 million from $101.3 million.
"Lexmark's second quarter results were below our April guidance, reflecting weaker than expected demand, particularly in Europe, and unfavorable currency impacts," said Paul Rooke, Lexmark chairman and chief executive officer. "While economic headwinds are impacting our results, we're encouraged that Lexmark's managed print services and Perceptive Software businesses continue to grow, demonstrating that our software and solutions value propositions resonate even in today's difficult market.
"We remain focused on advancing our position in the higher value, higher growth segments of the business market," said Rooke. "We are confident in our strategy and competitive strength, and will continue to closely monitor the challenging demand environment and make adjustments accordingly as we move through the year."