Xerox Posts Profit as 1,600 Jobs Cut
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Xerox Corp. rebounded to a quarterly profit as it cut 1,600 jobs to help make up for a 10th straight quarter of falling sales.
Third-quarter net income was $105 million, or 5 cents a share, contrasted with a net loss of $32 million, or 5 cents, a year earlier. Revenue fell 6% to $3.79 billion, the Stamford, Conn.-based company said.
Lower-priced copiers failed to halt sliding sales. Half of the drop came from leaving the retail business for small- and home-office equipment as well as declines in Latin America and other nations.
The stock fell 29 cents to $6.41 on the NYSE. Shares have fallen 38% this year.
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