NEW YORK (CNN/Money) - Shares of Xerox rallied as much as 24 percent Thursday afternoon after the copier maker reported an unexpected return to profitability in the second quarter, six months earlier than expected, as it ended a streak of four straight money-losing quarters.

But the gains come amid a fragile time for Xerox, whose stock has tumbled this year as the company weathered an accounting investigation

The copier maker posted net income of $93 million, or 12 cents a share, compared with a net loss of $101 million, or 14 cents, a year earlier. Analysts surveyed by earnings tracker First Call had a consensus forecast of a 2 cent a share loss, with estimates ranging from a 4 cent profit to a 5 cent loss.

Revenue fell 8 percent to $3.95 billion from $4.28 billion but topped First Call's forecast of $3.90 billion.

The profit is a big turnaround for Xerox, which has struggled to catch up with competitors who pulled ahead with digital printing technology.

Its debt cut to junk, Xerox nonetheless renegotiated a $7 billion line of credit last month, giving the copier maker more access to funds in an effort to restore its financial health.

"We believe the results reflect benefits from the company's turnaround program (begun Oct. 2000), however we believe the company still must work to regain investor confidence and improve top line performance," Shannon S. Cross, who covers the company for Merrill Lynch, told clients.

Last month, Xerox said it improperly booked nearly $2 billion in revenue during the past five years, forcing it to restate earnings to reflect $1.4 billion less in pre-tax profits during the period.

Shares of Xerox (XRX: Research, Estimates) rose as high as $6.66 Thursday after closing near a 52-week low of $5.35.