XEROX 2Q PROFIT DECLINES 35%

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XEROX 2Q PROFIT DECLINES 35%

 user 2009-07-24 at 1:42:36 pm Views: 66
  • #22369
    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.”