Xerox (NYSE: XRX) shares slipped about 2.5% in morning trading, following the Connecticut-based document management company’s second-quarter report.
Xerox said its quarterly earnings declined 3.1% to $309 million, from $319 million in the year-ago quarter. Its earnings per share (EPS) came in at $0.22. Shares outstanding dropped 2.3% to 1.31 billion. Adjusted earnings came to $0.26 per share, in line with analysts’ estimates.
Revenue fell to $5.54 billion from $5.61 billion in the same period of last year. That also matched the consensus forecast.
The company cut its full-year profit forecast to between $1.07 and $1.12 per share, citing the economic slump in Europe that has crimped demand for technology. Printer-maker Lexmark International Inc. (NYSE: LXK) expressed similar concerns about weakness in Europe when it cut its second-quarter sales and profit forecast last week.
Xerox also reiterated plans to buy back as much as $1.1 billion in stock this year.
The stock was just above $7 in morning trading, with a 52-week range of $6.55 to $10.40. Shares are down more than 8% year to date.