Xerox has announced it aims to increase earnings this year by more than 9 percent following solid growth in its services business in the fourth-quarter.
However, the European slowdown widened the gap between Xerox's growing business services operations and its traditional technology operations based on office copiers and printers. Service revenue for the quarter was up 6 percent and now accounts for 48 percent of Xerox's sales, compared with 45 percent from technology.
This year will see Xerox increasingly become a services-centric company. Chief Financial Officer Luca Maestri said services will probably grow by several percentage points in 2012 while economic issues will keep technology sales flat to slightly decreased.