Xerox sees profits soar by 79%

OFFICE equipment maker Xerox yesterday said its profit rose 79% in the fourth quarter on a mix of cost controls and growth in equipment financing and services.

Xerox also said its board approved an additional $1 billion (€677m) for its stock buyback plan, on top of the $370m remaining under the existing plan.

Its shares climbed $1.08, or 8.2%, to $14.33 yesterday.