Xerox Profit Falls 7% In Third Quarter

Xerox Corp. said on Wednesday that third-quarter profit fell 7% to $266 million from $286 million in the same period last year. Earnings per share were unchanged at 22 cents in the quarter, as the company bought back shares worth $251 million. On an adjusted basis, earnings came in at 27 cents a share. Revenue slipped 2% to $5.12 billion, from $5.24 in the same quarter last year. Analysts surveyed by FactSet expected earnings of 26 cents a share on revenue of $5.19 billion. Xerox shares were down 1.1% in premarket action.