NEW YORK (TheStreet) -- Shares of Xerox (XRX) - Get Report were slumping in pre-market trading on Friday after reporting 2016 third-quarter revenue below analysts' expectations and narrowing its full-year guidance.
Before the market open, the Norwalk, CT-based imaging and business process company said revenue declined 3% to $4.21 billion for the quarter, missing analysts' projections of $4.31 billion.
Adjusted earnings of 27 cents per share met analysts' estimates.
Xerox narrowed its profit guidance for the full year. Xerox now expects to report adjusted earnings between $1.11 and $1.14 per share vs. past estimates of between $1.10 and $1.20 per share.
The company expects to report current-quarter adjusted earnings between 32 and 35 cents per share.
Analysts surveyed by FactSet are looking for adjusted earnings of $1.13 per share for fiscal 2016 and 34 cents per share for the fourth quarter.
Separately, TheStreet Ratings team rates the stock as a "hold" with a ratings score of C.
Xerox's strengths such as its increase in net income, attractive valuation levels and growth in earnings per share are countered by weaknesses including disappointing return on equity, weak operating cash flow and a generally disappointing performance in the stock itself.
You can view the full analysis from the report here: XRX
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.