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Shares of printing technology leader Xerox (NASDAQ: XRX) plummeted in early trading on the Nasdaq Thursday -- down a staggering 17.8% as of 10:20 a.m. ET after the company reported a gargantuan earnings miss.
Heading into the first quarter of 2022, analysts had forecast that Xerox would earn at least a pro forma profit of $0.13 per share on $1.64 billion in sales. As it turned out, Xerox beat the sales number, delivering $1.67 billion. But instead of earning money, Xerox lost it -- $0.12 per share, pro forma .