Xerox Reiterates Profit Forecast for 4th Quarter
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Xerox Corp. reiterated that it expects to return to profitability in its fourth quarter through cost cutting, asset sales, inventory reductions and new products.
Chief Executive and President Anne Mulcahy made the comments at the company’s annual shareholder meeting. Xerox pushed back its profit goal last month from an earlier third-quarter target.
Xerox has eliminated 8,600 jobs, completed 75% of its $1-billion expense reduction goal and sold more than $2 billion in assets since Mulcahy was put in charge of the turnaround plan in October. The company has lost money four quarters in a row as sales declined and competition increased.
Shares of Stamford, Conn.-based Xerox rose 30 cents to $9.44 on the New York Stock Exchange.
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