Xerox reports Q1 2012 revenue reached $5.5 billion, which is a 2% from last quarter, but the technology business lost 5%, while services continued to grow to the tune of 10%. Installations of Xerox products was up 7% and they continue as a worldwide leader in equipment sales. Overall things are looking good at Xerox despite a relatively flat macro business environment.

Ursula Burns, Xerox chairman and chief executive officer comments on the results of the quarter:

“Services now represents more than half of our total revenue and will continue to be the growth engine of our company as we expand our BPO offerings and strengthen our leadership in managed print services,”

“Our first-quarter results reflect the successful execution of our strategy: accelerate services, grow our install base of Xerox color products, and efficiently operate our business to deliver strong earnings and shareholder value.”

“Our business mix continues to change as we significantly scale our revenue in services and invest in growth through new offerings and long-term contracts,”

“As a result, we see short-term pressure on margins that we will offset through cost reductions and operational improvements. We’re accelerating top-line services growth that leads to solid bottom-line performance.”

To explore an in-depth analysis of the Xerox Q1 2012 financial report follow this link. Investors can find a nice breakdown by business segment and other valuable information relevant to the $0.19 per share earnings this quarter. You can also find projection for the remainder of 2012.