UPDATE: Xerox Posts 4.3% Drop In Q1 Net Income, Affirms 2012 Forecast

Xerox Corp

reported a 4.3% drop in its first-quarter net income. Xerox's quarterly earnings fell to $269 million, from $281 million in the year-ago quarter. Its earnings per share came in at $0.19 per share. Its adjusted earnings were $0.23 per share. Xerox's revenue rose to $5.5 billion from $5.47 billion. However, analysts were expecting a profit of $0.23 per share on revenue of $5.47 billion. Xerox affirmed its 2012 earnings of $0.97 to $1.03 per share, or adjusted earnings of $1.12 to $1.18 per share, versus analysts' estimates of $1.13 per share. Xerox shares closed at $7.87 on Friday.