Xerox Holdings Corp <XRX.N> on Tuesday posted a better-than-expected quarterly profit as it kept a tight lid on costs and said it plans to follow through with its $33 billion bid to buy rival HP Inc <HPQ.N>.
Shares of the company, known for its photocopiers and printers, were up as much as 7%.
Xerox, which has been facing a slowdown in demand as businesses cut down on printing their paperwork, has laid out a three-year cost-cutting plan under Chief Executive Officer John Visentin, a nominee of activist investor Carl Icahn.
In the fourth quarter, Xerox cut expenses by $266 million and said it expects to save another $450 million in 2020. The quarterly results also benefited from a gain of over $500 million related to the sale of stake in Fuji Xerox and other assets.
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