BUSINESS BRIEFING / EARNINGS
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Xerox Corp.’s fourth-quarter earnings plunged as the printer and copier maker booked hefty charges for layoffs and other restructuring costs.
Net income slid to $1 million, or break-even per share, compared with a year-earlier profit of $382 million, or 41 cents. Excluding a large charge related to staff cuts and other one-time items, earnings totaled $265 million, or 30 cents.
Sales fell 10% to $4.37 billion, widely missing Wall Street’s average estimate of $4.7 billion.
Shares of Norwalk, Conn.-based Xerox fell 56 cents, or 7.4%, to $7.03.
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