XEROX 2Q PROFIT DECLINES 35%

[Anonymous]

http://online.wsj.com/article/SB124834664013975457.html
Xerox Profit Declines 35%
Copy-machine
maker Xerox Corp. on Thursday said its second-quarter profit declined
35% as business customers retrenched during the economic downturn.Net
income dropped to $140 million, or 16 cents a share, from $215 million,
or 24 cents a share, a year earlier. Revenue fell 18% to $3.73
billion.Xerox forecast third-quarter profit of 10 cents to 12 cents a
share and full-year profit of 50 cents to 55 cents a share. It raised
its forecast for operating cash to $1.5 billion from $1.3
billion.Analysts, on average, expected the Stamford, Conn., company to
earn 11 cents a share in the second quarter, 14 cents in the third
quarter and 51 cents for the year, according to Thomson Reuters.”Our
industry continues to face challenges from the decline in enterprise
spending on technology,” Chief Executive Ursula Burns said. “We have
seen sequential improvement. However, assuming current economic
conditions persist, we expect revenue will remain under pressure during
the balance of this year.”

[Author]

July 24, 2009 at 1:42 PM