Kodak feels the heat of the market as well

Kodak feels the heat of the market as well

Results from the last quarter have been dropping in and many big names are showing disappointing results. Kodak happens to be the latest one to come up with losses in their names and is now reportedly considering cutting jobs. This was their third consecutive loss in the quarter and the job cuts would take place in the region of 10,000 workers. The company is feeling the heat of the expanding digital film market where once they once used to dominate.

The company reported drastically low film roll sales as digital cameras with memory sticks have become oh so popular. The bad results took their tolls on the shares of the company as they fell by almost 10% in the share market. Market Analyst and investor Tim Ghriskey said in a statement about Kodak’s performance: “Clearly, operations are on a downward slide at Kodak. In traditional film, not only is the market in decline, but they face very aggressive price competition. Also, the digital camera (market) is not growing like it had been.”

The company posted a second-quarter net loss of $146 million, or 51 cents a share. This comes in drastic comparison to a net profit of $136 million, or 46 cents a share, a year earlier. Shares of Kodak fell $2.34 to $26.40 on the New York Stock Exchange. Kodak Chief Executive Antonio Perez said: “Our disappointing start in the first half of this year makes it clear that I need to make some changes, and make them now.”