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.

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.