Profits Down at Xerox
Some mixed news from Xerox today.
Fourth quarter revenues were up slightly from a year ago, but profits were down as sales in the company's technology business fell 8 percent.
For the entire year, revenues were relatively flat at 22.4-billion dollars, and earnings declined 8 percent to 1.22-billion dollars.
CEO Ursula Burns says in 2012 Xerox refined its business model, and that progress has her optimistic about the year ahead.
Burns told investors she's confident Xerox will deliver a strong 2013.
Fourth quarter revenue in services totaled 3.05 million dollars, up 7 percent from a year ago.
Burns told investors this morning that services now represent 52 percent of the company's total revenue, up from 48 percent a year ago.