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Xerox (XRX) Stock Falls On $385 Million Charge

NEW YORK (TheStreet) -- Shares of Xerox (XRX - Get Report) are down by 2.59% to $10.13 in afternoon trading on Wednesday, continuing to decline after announcing that it will take a $385 million charge related to the incomplete implementation of its government healthcare business.

The Norwalk, CT-based company will likely not be able to fully complete the implementation of its Health Enterprise Medicaid platform in California and Montana, Xerox said.

"Today's announcement builds on the change in strategy from last quarter. We are taking additional steps to improve our financial performance and significantly reduce the volatility of our results going forward," CEO Ursula Burns said in a statement.

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The decision came after discussions took place with clients in those states regarding the status and scope of its current platform projects.

Despite the decision, the company said that it will continue to process Medicaid claims in those states using existing systems.