Xerox to cut 2,500 jobs

Xerox shares rallied as the company posted better than expected results and unveiled plans to trim its workforce by 2,500 jobs.

The company posted revenue for the quarter of $4.2 billion - while that was down 3 percent year-over-year, or down 7 percent on a currency adjusted basis

Xerox also said it will cut 2,500 jobs over the next 12 months; the company ended 2009 with 53,600 employees.