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Xerox, Announcing Bigger Loss Than Expected, Says it Will Restructure

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Xerox (XRX) has been performing like a broken toner cartridge lately, that is to say poorly and with low-quality results.

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.

TheStreet.com

earlier this month wrote a story about the

warning.

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.

TheStreet.com

wrote a story last week about Xerox's

expected restructuring plans.