Why Xerox Stock Popped Today
Shares of Xerox (NYSE: XRX) have popped today, up by 11% as of 1 p.m. EDT, after the digital printing company reported third-quarter earnings results. Investors cheered that Xerox boosted its full-year 2019 forecast.
Revenue in the third quarter declined 6.5% to $2.2 billion, slightly ahead of the $2.19 billion in sales that analysts were modeling for. On a constant currency basis, the top line only fell 5.3%. That translated into adjusted earnings per share of $1.08, easily beating the consensus estimate of $0.86 per share in adjusted profits. Operating cash flow improved to $356 million while free cash flow increased to $339 million.
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Source Fool.com
