Now Reading:

Kodak to cut more workers as profit slumps


Kodak to cut more workers as profit slumps


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.

Every story can be told in many ways: see the perspectives from Euronews journalists in our other language teams.

Next Article