UPDATE: Xerox Q2 Profit Down 3.1%

Xerox (NYSE: XRX) reported a 3.1% drop in its second-quarter net income.

Xerox's quarterly earnings declined to $309 million, versus $319 million, in the year-ago quarter. Its earnings per share came in at $0.22 per share. Shares outstanding dropped 2.3% to 1.31 billion. Xerox's adjusted earnings came in at $0.26 per share.

Its revenue fell to $5.54 billion from $5.61 billion. However, analysts were expecting a profit of $0.26 per share on revenue of $5.61 billion.

Xerox expects Q3 profit of $0.20 to $0.22 per share, or an adjusted profit of $0.24 to $0.26 per share.

Xerox shares closed at $7.19 yesterday.

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