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Kodak to lay off thousands after brutal fourth quarter

30 Jan 2009

Eastman Kodak said Thursday it is cutting 3,500 to 4,500 jobs, or 14% to 18% of its work force, as it posted a US$137 million fourth-quarter loss on plunging sales of both digital and film-based photography products.

Its shares tumbled $1.48, or 21%, to $5.59 after sinking to a 52-week low of $5.40 earlier in the session.

The 129-year-old photography pioneer said its loss in the October-December period amounted to 51 cents a share. That compares with a year-ago profit of $215 million, or 75 cents a share.

Read the full article here.