Xerox Surprise: CEO Trims Earnings Forecast

The global slowdown may trim net income for Xerox Corp. (NYSE: XRX), the No. 1 provider of business printers and services. CEO Ursula Burns shaved her full-year forecast to a range between $1.07 and $1.12 a share from the previous $1.18.

The Norwalk, Conn.-based company reported second-quarter net income fell 3 percent to $309 million, or 22 cents a share, from $319 million, also 22 cents, a year ago. Operating earnings of 26 cents matched analyst estimates.

Xerox said second-quarter revenue fell 1 percent to $5.54 billion.

CEO Ursula Burns said services, which provided more than 50 percent of revenue, are our growth driver today and in the future.

Shares of Xerox fell 19 cents to $7.00 in pre-market Friday trading.