Xerox Corp. XRX, -0.39% reported a second-quarter profit that missed expectations, and said it was setting a new direction with return to its roots as a technology company. Net income declined to $112 million, or 42 cents a share, from $166 million, or 63 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share of 80 cents, below the FactSet consensus of 83 cents. Revenue fell to $2.51 billion from $2.57 billion, topping the FactSet consensus of $2.49 billion. Chief Executive John Visentin, who has been in the role for two months, said the fact that its business model is underpinned by an annuity cash flow makes it challenging to improve revenue and flow cost savings to the bottom line. Vistentin said the company will take action to improve read the rest here
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