Xerox Corp., (XRX.N) the biggest maker of high-speed color printers with global operations said fourth-quarter net income was $1 million, or nothing per share. That is down from $382 million, or 41 cents a share, a year earlier. It is well understood that we are talking about a big drop in net income, nevertheless, the company is not in the red like countless other firms around the globe.
Perhaps what saved the company from red figures was an early hands-on approach. In October last year, Xerox announced a restructuring plan, including about 3,000 job cuts, aimed at saving $200 million in 2009.
Demand has dropped dramatically in emerging markets, especially from Russia, giving Xerox an extremely hard time. Xerox share prices are down 43% for the year 2008, sending the company’s value back about a decade. Xerox has about 57,000 employees world-wide.
Image by kretyen under Creative Commons.
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