Layoffs, junk status, more layoffs, inability to generate any growth, seems like everything that could have gone wrong, went wrong at the same time. This is just the conclusion of years of bad decisions, no real company vision, and ignorance to the exchanges that the market is going through. Think that this is just the beginning, as it is highly unlikely that Xerox has the power and the knowledge to navigate towards new technologies and emerging markets.
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Nothing wrong with milking a legacy business as long as you can. Just don't expect the world from it and you'll be fine.