Concern as Xerox forecast misses estimate
Excluding some items, earnings will be 28 cents to 30 cents in the fourth quarter, says printer and copier pioneer
Xerox: concerns have been raised about the company’s attempt to shift into business services
Xerox, the printer and copier pioneer, fell the most since January 2012 after its forecast trailed analysts’ estimates, raising concerns about the company’s attempt to shift into business services. Excluding some items, earnings will be 28 cents to 30 cents in the fourth quarter, the Norwalk, Connecticut-based company said.
Analysts had predicted 33 cents on average, according to data compiled.
Chief executive Ursula Burns is moving the company toward consulting and services in a bid to boost profit. The shares had climbed 57 per cent this year through yesterday amid optimism the turnaround is taking root. Now after two strong quarters, bookings looked weak in the most recent period, said Keith Bachman, a New York-based analyst at BMO Capital Markets Corp.