Printer and copier maker Xerox Corp. cut its forecast for 1Q profit nearly 80% on restructuring costs and a slowdown in technology spending.
Xerox now says it expects earnings per share in a range of US$0.03 to $0.05, down from its earlier forecast of $0.16 to $0.20.
The cut includes a $0.06 impact from Xerox's share of Fuji Xerox's restructuring and a lower-than-expected Fuji Xerox profit contribution, the company said.
January and February revenue fell 18%, Xerox said.
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