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Pitney Bowes slides on weak earnings

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Pitney Bowes shares fell 9.6 percent Tuesday as first-quarter results missed analysts' estimates.

The office technology provider missed estimates by 6 cents with adjusted earnings of 34 cents per share, and revenue fell short as well.

The company said it did not properly execute in its software solutions business but is taking steps to correct that situation. First, the company has made some management changes, and it launched its first major TV-ad campaign in 20 years.

Pitney Bowes CEO Marc Lautenbach said he expects improvement throughout the year.

"During the quarter, we turned in a strong performance in new equipment sales in North America mailing, a leading indicator for our mailing business," he noted, in a statement.

Pitney Bowes led S&P 500 decliners Tuesday. Shares have lost 8.3 percent this year, and 17 percent over the past 12 months.