Xerox Corp. today reported a disappointing 6 percent gain in third-quarter profits on slack sales of black-and-white copiers despite heavy investment in new sales efforts.
The news pushed Xerox stock down nearly 18 percent in early trading on the New York Stock Exchange.
Xerox earned $250 million, or 71 cents per share, on revenue of $4.16 billion in the quarter ended Sept. 30. A year earlier the company earned $236 million, or 68 cents per share, on revenues of $4.01 billion.
Analysts had been forecasting an 82-cent per share profit.
Xerox stock was down $9 per share at $48 in late afternoon trading.