Xerox Implementing Cost-Cutting Initiatives

ROCHESTER, NY—Despite seeing its third-quarter profit rise 2 percent, Xerox Corp. announced it will aggressively cut costs in the fourth quarter and take a $400 million charge. The company didn't indicate where the cuts would take place or provide a figure for the number of job cuts. Xerox earned $258 million, or 29 cents per share, during the third quarter.