Office equipment giant Xerox has posted a 53 percent drop in third quarter profits. But the numbers still managed to beat Wall Streetâ€™s expectations. WNPRâ€™s Harriet Jones reports.
Stamford based Xerox earned 254 million dollars, or 27 cents a share, compared with 54 cents per share in the same quarter last year. However, the previous results were boosted by a one time tax gain, and CEO Anne Mulcahy told analysts sheâ€™s very pleased with this latest quarter.
Revenue was up 12 percent, and Xerox says it was helped by the weaker dollar which boosted exports, rising demand for post-sale services and financing revenue. The company continues to focus on digital devices and the growth in color printing.