The company experienced challenges throughout the COVID-19 (coronavirus) pandemic
During the COVID-19 (coronavirus) pandemic, the company contended with decreased demand for its office printing field segment. In that regard, due to the increase in the number of companies that enforced work-from-home policies, there was typically less of a need for office printing. In turn, the company experienced a decline in hardware sales due to lower volume of prints made. Overall, the decline in this segment of the company significantly affected company performance due to it representing more than half of the its total revenue. Nonetheless, the company were presented some opportunities for imaging in fields where there was a growth in social needs. For example, there was an increased demand in the safety, security and sanitation field, as well as growing demand for contactless, distributed and remote solutions.
COVID|ESGIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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