Xerox is Plunging 9% After Earnings

Shares of Xerox (NYSE: XRX) have been falling throughout Wednesday's trading session after the company reported disappointing fourth quarter earnings prior to the opening bell. Xerox reported net income attributable to the company of $375 million or $0.26 per share, compared to $171 million or $0.12 per share, in the year ago quarter. On an adjusted basis, EPS was $0.33 versus $0.29 in last year's fourth quarter. This was in line with analysts' consensus EPS estimates of $0.33.

Revenues at the company were $5.964 billion compared to $5.976 billion in the year ago period. This missed analysts' consensus revenue estimates of $6.07 billion.

Looking ahead to the first quarter, Xerox sees adjusted EPS between $0.21 to $0.24. Analysts currently have consensus Q1 EPS estimates for the company of $0.24.

For the full-year, the company anticipates adjusted EPS between $1.12 to $1.18. Wall Street analysts are currently projecting that XRX will report full-year EPS of $1.16.

At last check, XRX shares had lost 8.54% to $7.93 as investors react to the revenue miss and tepid forward looking guidance.