Executive Summary

• Pitney Bowes reported 2Q19 revenue of $860.8 million, down 0.5% year over year and slightly below the $861.7 million consensus estimate. Adjusted EPS was $0.21, beating the consensus estimate of $0.17.
• Commerce services revenue grew 13%, driven by global e-commerce, which grew 18%. Revenues in the SMB solutions and software services segments declined 8% year over year.
• The company reaffirmed guidance for revenue growth of 1-3% and for adjusted EPS of $0.90-$1.05.