Xerox Posts Another Quarterly Loss, Will Cut 4,000 Jobs

Xerox Corp. said it will slash 4,000 jobs, or about 4% of its work force, as the struggling copier maker reported its second straight quarterly loss. The Stamford, Conn., company did, however, report an improved cash position and said it expects a return to profitability in the second half of the year. Xerox posted a loss of $198 million, or 31 cents a share, for the fourth quarter, compared with year-earlier earnings of $294 million, or 41 cents a share. Revenue fell 13% to $4.83 billion. The loss was deeper than the 30-cent loss analysts expected, on average. Xerox had warned last month that the fourth quarter was looking even worse than the third quarter, when it posted its first quarterly loss in 16 years. Xerox said that it was making “significant” progress with its cost-cutting initiatives and that it will cut more jobs later this year. Xerox shares, which have fallen 72% in the last 12 months, rose $1.06 to close at $7.94 on the New York Stock Exchange.