Xerox’s Profit Declines in Fourth Quarter

On January 26, Xerox released its financial results for the fourth quarter of 2010. Much of the news from the printer and copier maker, which has expanded into the services business through its acquisition of Affiliated Computer Services (ACS), was good. Still, a fourth-quarter profit decline, a first-quarter profit estimate that was at the low end of Wall Street estimates, and the news that CFO Lawrence Zimmerman would retire sent the firm’s share price down more than 7 percent or 87 cents to close at $10.53. Mr. Zimmerman will be replaced by Luca Maestri, currently CFO of Nokia Siemens Networks.

 

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Tags: financial results, Xerox