Xerox, the copier and documents company, on Friday lowered its first quarter outlook and said it would look to cut $300m in costs this year as the economic downturn has slowed technology spending.
The Connecticut-based company, which is the world’s biggest producer of high-speed colour printers, said it was cutting its profit expectations by nearly 80 per cent to a range of 3-5 cents a share from its earlier forecast of 16-20 cents. Analysts were expecting earnings of 18 cents a share.
