Xerox Corp.
s profit fell 85% in the first quarter, hurt by higher restructuring charges, as its business remained challenged ahead of its planned separation.
Shares of Xerox fell 11% to $9.95 in morning trading in New York as the company also issued downbeat guidance for the current quarter and lowered its bottom line outlook for the year.
Chief Executive Ursula Burns said in prepared remarks that the company had accelerated its cost-cutting efforts amid declining revenue in the document technology segment, which she said had been pressured in the quarter w…
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