Xerox to post lower profit for this year

Xerox Corp announces it will report lower profit in 1990 than in 1989. Earnings for the firm in 1989 amounted to $704 million on revenue of $17.6 billion, and for 1990 profits will be smaller even before the firm takes a write off of $375 million for bad real estate investments. For Xerox, it is a familiar story, with its main office equipment business doing very well, but the firm continues to lose money with its financial services arm, and in particular its insurance units. Xerox will announce several new multi-purpose office machines that in essence combine copying, scanning, printing and facsimile capabilities in one system.