Office equipment giant Xerox fell to a loss in the first quarter because of expenses related to layoffs and acquisitions. But as WNPR’s Harriet Jones reports, the company’s sales actually rose.
Norwalk-based Xerox is considered a good indicator of the health of the economy, because it markets its services to so many different businesses. The company lost $42 million, or 4 cents a share in the first quarter – that compares to a profit of 5 cents a share in the same period last year. The loss was attributable to restructuring charges, as Xerox laid off thousands of employees, and also to the costs of acquiring Affiliated Computer Services, a new venture for Xerox. CEO Ursula Burns says she’s seeing mixed signals in the economy.
When one-time costs are taken out, Xerox earned 18 cents a share in the quarter, and saw its revenue jump 33 percent.
For WNPR, I'm Harriet Jones.