Eastman Kodak has posted a sharp quarterly loss and says it will cut up to 4,500 jobs this year.
It blamed a dramatic decline in demand for digital cameras and commercial printing equipment. During the final three months of 2008 revenue was down by a quarter and sales of products like cameras and digital picture frames fell by more than a third. The news sent Kodak’s shares plunging to a historical low. Late last year the company said it was going to lay off up to 1,500 people now its increased that total by 2,000 to 3,000 . It had previously halved its workforce to 27,000 in an expensive four-year long restructuring transformed the company into a maker of digital photography products and printers. Analysts questioned whether Kodak’s cost cuts would be deep enough and how it can boost sales.