Xerox Slashes First-Quarter Profit Forecast

Xerox(XRX Quote) lowered its first-quarter earnings expectations to between 3 cents and 5 cents a share from a previously forecasted range of 16 cents to 20 cents a share citing the "increasingly more challenging global economic environment."

The updated forecast includes a charge of 6 cents a share from the company's share of Fuji Xerox's restructuring and a lower-than-expected profit contribution from Fuji Xerox. The company also said earnings and revenue have been pressured by an industrywide slowdown.

Analysts surveyed by Thomson Reuters expected the company to earn 18 cents a share on revenue of $3.9 billion. ...