Xerox Drops the Most in Six Year After Missing Estimates
- Hurt by strong dollar and lower sales of printer and copiers
- Expects higher restructuring charge as result of company split
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Xerox Corp. plunged the most in more than six years Monday after the company reported first-quarter earnings that missed analysts’ estimates and lowered some full-year forecasts, underlining the challenges it faces ahead of a planned company split.
The shares dropped 13 percent to $9.68 at the close in New York, the steepest plunge since September 2009. The shares are down 9 percent this year.