by Nate Wooley | October 23, 2012 11:07 am
Shares of Xerox (NYSE:XRX), the large provider of printing and other business services, were being hit hard Tuesday after reporting lower third-quarter earnings.
Xerox’s Q3 net income came to $282 million, down 12% from the year-ago period, but adjusted earnings of 25 cents per share met Wall Street expectations. Revenues fell roughly 3% to $5.4 billion and were about 3% shy of analyst forecasts.
The decline in earnings was attributed to lower demand in Europe. Xerox also said that issues including the stronger U.S. dollar and some implementation delays on signed contracts hurt earnings this quarter.
Xerox has been working on shifting its focus away from printing over to business services as customers are increasingly switching away from hard-copy files.
XRX shares were down more than 8% in early Tuesday trading.
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