Xerox drops 13% after weak report

Shares of Xerox Corp. plunged the most in more than six years Monday after the company reported first-quarter earnings that missed analysts' estimates.

The shares dropped 13 percent to $9.68, the steepest drop since September 2009. The shares are down 9 percent this year.

Famous as the brand behind the copy machine, Norwalk, Conn.-based Xerox is struggling with continued declines in revenue from document technology, which includes printer sales and related services. That business was hurt by a stronger dollar and weakness in emerging market economies, Chief Executive Officer Ursula Burns said during a conference call.

Earnings in the first quarter, excluding some costs, were 22 cents a share, lower than the average analyst estimate for 23 cents a share.

Xerox is splitting into two companies in an agreement with investor Carl Icahn. The split will create an $11 billion document technology company and a $7 billion business process outsourcing company.

Business on 04/26/2016

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