Massive Layoffs! Kodak Loses Big In the 4th Quarter
It doesn't seem the economy is being nice to anyone. Kodak has announced that due to massive decreases in sales and profits, of both their digital and film based photography products, up to 4,500 employees, will be out of jobs.
Kodak, which posted a $137 Million loss during their 4th quarter, reported that their average stocks are now 51 Cents a share. In 2007, the company boasted a $215 Million profit, and shares starting at 75 Cents. There net loss was only at $21 Million; which is equal to only $8 Cents a share.
Overall sales fell $2.43 Billion, or 24%. More specifically, traditional film products fell 27%, as revenue from their digital based products plummeted 23% . It hard to believe, that in this recession, on average, analysts surveyed by Thomas Reuters, expected a profit of 21 Cents and an increase in sales of $2.81 Billion.
The layoffs, which are estimated to affect 14& to 18% of their payroll; will hit 3,500-4,500 employees.
Massive Layoffs! Kodak Loses Big In the 4th Quarter
No comments:
Post a Comment