Qwest soars; MarchFirst trips; Xerox to trim $1 billion in costs

While Qwest posts a profit that tops Wall Street expectations, MarchFirst misses estimates by 19 cents, sending the company's stock price down nearly 50 percent.

CNET News staff

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CNET News staff

Jan. 2, 2002 4:43 p.m. PT

roundup

While Qwest posts a profit that tops Wall Street expectations, MarchFirst misses estimates by 19 cents, sending the company's stock price down nearly 50 percent. Copier giant Xerox also posts a net loss.

Qwest earnings ring in healthy growth
update In its first quarter since absorbing US West, the company posts a profit topping Wall Street expectations, buoyed by strong growth for data and Internet services.

Low earnings for MarchFirst drive stock down
The Net consulting company reports third-quarter earnings that fall far below analysts' expectations, sending the company's stock price down some 50 percent.

Following loss, Xerox to cut spending by $1 billion
update After reporting its first quarterly loss in 16 years, the giant copier company plans to cut jobs, sell part of its stake in its joint venture with Fuji and other businesses, and stop financing equipment sales.

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