Kodak Reports Profit but Cuts 2,200 Jobs
Eastman Kodak Co. said it would eliminate 2,200 jobs as the slumping economy and consumers’ shift to digital cameras hurt sales and profit.
Costs to fire workers will total as much as $100 million this year. Job cuts helped Kodak rebound to a profit in the fourth quarter, though results fell short of analysts’ forecasts.
Fourth-quarter net income was $113 million, or 39 cents a share, contrasted with a year-earlier loss of $206 million, or 71 cents. Sales rose 2.5% to $3.44 billion.
Shares of Rochester, N.Y.-based Kodak fell $4.41, or 12%, to close at $33.18 on the NYSE.
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