Xerox Holdings (NASDAQ: XRX) shares powered 12.6% higher through 12:20 p.m. ET on Thursday, despite missing analyst targets for both sales and earnings.

Heading into its fiscal Q4 report, analysts had predicted this office printer company would suffer a steep decline in earnings versus last year -- and they were right. Instead of the $0.89 per-share adjusted profit that Xerox earned in Q4 2022, the company reported just $0.43 per share in adjusted earnings this time around. That was a decline of more than half, and also less money than the $0.52 per share Wall Street had predicted Xerox would make.

Sales performance was a little better. Analysts had forecast Xerox would collect $1.79 billion in sales in Q4; Xerox reported $1.77 billion.

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Source Fool.com