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Affiliated Computer Services

Xerox Disappoints on Quarterly Revenue

Xerox Corp, best known as a maker of printers and copiers, reported weaker-than-expected quarterly revenue as growth in its services business stalled.The company's operating margin fell 1.3 percentage points to 9.3 percent in the fourth quarter due to higher spending to set up healthcare exchanges and the loss of a high-margin federal contract to handle student loans.Xerox shares were down 2 percent in premarket trading.The services division, which manages businesses ranging from toll systems to healthcare programs, failed to register growth for the first time since 2009, when Xerox entered the business by buying Affiliated Computer Services Inc.The company has been focusing on the business as cost-conscious companies print less and personal computing moves to tablets and smartphones, putting pressure on its traditional printer and copier business.Revenue from its printing business dropped 6 percent to $2.4 billion in the quarter ended Dec. 31. The services business generated $3.0 bill...

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