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Xerox announces drop in third quarter profits
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Office equipment giant Xerox has posted a 53 percent drop in third quarter profits. But the numbers still managed to beat Wall Street’s expectations. WNPR’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 she’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.