Xerox posts smaller 2Q profit, tops forecast

[July 23, 2009]  NORWALK, Conn. (AP) -- Xerox Corp. says its second-quarter profit tumbled 35 percent but topped Wall Street forecasts, as cost cutting helped offset another weak period for sales.

The Norwalk, Connecticut-based printer and copier maker says it earned $140 million, or 16 cents per share, compared with $215 million, or 24 cents per share, a year ago.

Revenue fell 18 percent to $3.73 billion from $4.53 billion.

Analysts polled by Thomson Reuters expected 11 cents per share on sales of $3.72 billion, on average.

In a statement, Xerox CEO Ursula Burns said, "Assuming current economic conditions persist, we expect revenue will remain under pressure during the balance of this year."

[Associated Press]

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