Xerox issues profit warning

Shares plummet after print vendor cuts profit forecasts by 85 per cent
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Xerox has seen its share value fall by twenty per cent after it reduced its revenue forecast by up to 85 per cent.

According to Reuters, the company has been hit hard by the downturn as wider business spending on office equipment and peripheral supplies has been greatly reduced.

It is reported that Xerox plans to make a number of cost cutting measures, including freezing salaries and halting contributions to its US employee pension scheme.