NEW YORK (Reuters) – Xerox Corp chopped its first-quarter earnings forecast by as much as 85 percent, as the slowdown in office equipment spending badly hurt revenue and thwarted its cost-cutting efforts.
Shares of Xerox, the world’s top supplier of digital printer and document management services, fell 20 percent after its outlook made clear the toll that falling sales of equipment and printer-based supplies is taking on the company. Standard and Poor’s lowered its ratings outlook for Xerox to negative.
