Saturday July 21, 2012
Xerox cuts target on weak demand
NEW YORK: Xerox Corp cut its full-year profit target yesterday after reporting lower second-quarter results, bracing for continued tough economic conditions in Europe. Its net income for the quarter fell 3% to US$316mil while revenue fell 1% to US$5.5bil, below analysts’ average estimate of US$5.59bil.
Xerox forecast 2012 earnings per share of US$1.07 to US$1.12, excluding special items. Previously it had aimed at US$1.12 to US$1.18. – Reuters