The ailing document company this morning announced third-quarter losses of 20 cents a share, higher than the reduced
First Call/Thompson Financial
estimate of a 19-cent loss that was expected. Last year, Xerox earned 47 cents a share in its third quarter.
Analysts originally expected Xerox to make 12 cents a share in the third quarter, but that was before Xerox warned on October 2 that the third quarter would come in with losses of 15 to 20 cents a share because of weaker-than-expected revenue in North America and Europe. This was the fourth time in five quarters that Xerox warned that it would have an earnings miss.
earlier this month wrote a story about the
And, as with a broken toner cartridge, Xerox plans to fix what ails it with a shake-up. The company announced a "spare no prisoners" restructuring program that includes $1 billion in cuts, including layoffs. The company also said it would sell some company assets, which is expected to bring it between $2 and $4 billion.
wrote a story last week about Xerox's
expected restructuring plans.