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Business Briefing / Technology

Xerox lowers forecast

March 21, 2009|TIMES WIRE REPORTS

Shares of Xerox Corp. fell after the company cut its profit forecast nearly 80% on restructuring costs and slowing technology spending.

First-quarter profit will be 3 to 5 cents a share, down from an earlier forecast of 16 to 20 cents, Xerox said.

Standard & Poor's and Fitch Ratings both revised their outlook for the Norwalk, Conn., company to negative, reflecting challenging economic conditions.

Xerox shares fell $1, or 19%, to $4.34.

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