News: Kodak to cut 10,000 jobs, in deep red ink

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Buy those yellow boxes of film in bulk now, Kodak is awash in red ink despite slashing jobs left and right. I wouldn't be surprised if they jettisoned their film division altogether: From:

Kodak to cut another 10,000 jobs
Company posts loss, plans to slash up to 25,000 positions partly due to slumping film sales.
July 20, 2005: 10:28 AM EDT

NEW YORK (Reuters) - Eastman Kodak Co. Wednesday said it would cut up to 10,000 more jobs than previously announced to speed its move into digital products, and also posted a quarterly net loss due to restructuring costs and a faster-than-expected decline in film sales.

Shares of Kodak (down $2.55 to $26.19, Research) fell more than 6 percent in premarket electronic trading from their closing price Tuesday at $28.75 on the New York Stock Exchange. Although the stock has bounced back in recent weeks, it is still down about 10 percent this year, and is underperforming the Standard and Poor's 500 index by about 13 percent so far this year.

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About this Entry

This page contains a single entry by Karen Nakamura published on July 20, 2005 10:43 AM.

Equipment: Sony and Konica-Minolta to collaborate on DSLRs was the previous entry in this blog.

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