Xerox warned bigger 3Q loss

Copier and printer giant Xerox Corp warned of a bigger third-quarter loss than expected, due to currency losses from unhedged exposures and a tax rate change. Xerox now expect to post a loss of 22 to 25 cents a share, before restructuring charges of 5 cents a share, in the third quarter. Revenues are projected at $3.8 billion to $4 billion. According to a survey by Thomson Financial/First Call, analysts on average, had forecast a loss of 12 cents. But Xerox remains cautiously optimistic that operating profits will return in the current quarter.

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