By Aled Herbert, 24 October 2001 08:00
NEWS Xerox problems have worsened after it reported plunging revenues and increased profits for its third quarter. The printer and copier company's losses for the three months ending 30 September were $211m compared to $191m in the same period last year. Revenue for the quarter was $3.9bn, down 13 per cent from $4.5bn in the same period last year. The results were in line with lowered expectations. Xerox blamed the poor results on the fallout from the 11 September terror attacks. The company has laid off 11,000 employees in the last 12 months in an attempt to claw its way back to profitability. It had previously predicted a return to the black in the second half of 2001, but yesterday's results may scupper those targets.
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