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DXC’s annual services revenue continues to shrink

DXC’s annual services revenue continues to shrink

Cloud and IT services provider DXC Technology has posted another declining set of financials for the year.

For the 12 months ended 31 March, 2023, DXC’s sales fell by 11.3% to $14.4 billion, and were down 2.7% on an organic basis, after taking into account the firm’s divestments.

And the company slumped to a full-year net loss of $566m, after achieving a profit of $736m the previous year.

Prior to posting the results, DXC announced chief financial officer Ken Sharp was leaving the company after barely over two years in the job, “for personal reasons”. DXC’s CFO will now be former IBM vice president and controller Rob Del Bene.

FY23 revenue from the global business services division was down 8.4% to $6.96 billion, and global infrastructure services crashed 13.8% to $7.5 billion.

DXC was formed in 2017 from the merger of CSC and Hewlett Packard Enterprise Services, when the company’s total annual revenue stood at a mammoth $24.6 billion, so the business shrinkage is very clear, as is its share price. From a peak of $95, it is now less than $25.

DXC’s latest guidance is that sales will continue to decline in FY24 too.