Xerox raises its profit forecast.....and cuts 2,500 jobs

[marmar]

Oct. 21 (Bloomberg) -- Xerox Corp., the printer and business-services provider, raised its 2011 profit forecast and said it plans additional cost cuts, including the elimination of 2,500 jobs.

Per-share profit next year, excluding some costs, will be $1.05 to $1.10, compared with the previous projection of at most $1.05, Norwalk, Connecticut-based Xerox said today in a statement. Analysts had estimated $1.08 on average.

The job cuts, about 2 percent of the workforce, will come in the next 12 months, spokesman Carl Langsenkamp said in an interview. They are in addition to 2,500 positions Xerox said it would eliminate in January. The company plans $400 million in restructuring charges this year, up from its earlier projection of $280 million.

Chief Executive Officer Ursula Burns is cutting costs after her $6 billion purchase of Affiliated Computer Services Inc., while building services and printer sales as customers resume spending after the recession. Sales for the third quarter climbed 48 percent to $5.43 billion, compared with the average analyst estimate of $5.46 billion. ..........(more)

The complete piece is at: http://noir.bloomberg.com/apps/news?pid=20601087&sid=aikhLh3B1U.s&pos=4

[TheWatcher]

1. This is good, loving & Of The Lord. No one needs a job as long as the Stock Market keeps going up.

:sarcasm: