- Pitney Bowes Inc (NYSE:PBI) reported a first-quarter FY23 sales decline of 10% year-on-year to $834.54 million, missing the analyst consensus of $864.65 million.
- The global shipping and mailing company reported an adjusted $(0.01) loss, missing the consensus of $0.00.
- Softer-than-expected revenue per parcel, coupled with cross-border headwinds, dragged quarterly performance.
- Global Ecommerce revenue fell 17% Y/Y to $348 million, Presort services decreased 1% to $159 million, and SendTech Solutions declined 6% to $327 million.
- Adjusted EBITDA fell almost 23% Y/Y to $72.92 million.
- “Strong service levels in domestic parcel are driving a robust new business pipeline, while cross-border continues to ace headwinds,” said CEO Marc B. Lautenbach. “..The long-term value creation remains centered in domestic parcel, and we continue to be confident in that business.”
- The company held $527 million in cash and equivalents as of quarter-end.
- Dividend: The company declared a quarterly cash dividend on the company’s common stock of $0.05 per share. The dividend will be paid on June 8, 2023.
- Outlook: Pitney Bowes continues to expect flat to mid-single-digit percentage revenue growth on a comparable basis.
- Price Action: PBI shares are trading lower by 10.8% at $2.9250 on the last check Thursday.
Microsoft Reportedly Working On Bringing AI Chatbot To Xbox To Enhance Gaming Experience
Microsoft is gearing up to expand AI chatbots to its Xbox gaming service, after bringing it to Office, Windows and Azure, among others.
