NEWS The losses have been attributed to weak September sales and tougher competition, and mark the fourth quarter Xerox has seen a shortfall in profits. To address the losses Xerox intends to put together an aggressive turnaround programme to include a $1bn cut in costs, which will see substantial job cuts and the sale of assets.
Poor Xerox results to prompt cost-cutting overhaul
Xerox has posted third quarter losses of $128m and a drop in revenue of 4 per cent, which it claims to be in line with expectations.
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