Xerox Profit Increases 18% on Cost Cutting
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From Bloomberg News
Xerox Corp., the largest U.S. maker of copiers, said third-quarter earnings rose 18% because of cost cutting as sales fell for the 14th straight quarter.
Net income rose to $117 million, or 11 cents a share, from $99 million, or 4 cents, a year earlier, Stamford, Conn.-based Xerox said. Sales fell 2% to $3.73 billion.
Xerox shares fell 53 cents to $11 on the NYSE.
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