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21 July 2017 16:48 (South Africa)

Kodak, the company in desperate search for new identity

For the fourth straight quarter, Kodak is losing as the repeated downturn hits the sales of digital cameras and photo printers. The company lost $111 million on sales of $1.78 billion, down from $2.41 billion in the same period a year ago, and it also expects revenues will further decline in the future. But more than that, Kodak appears to be lost at sea somewhere between the old film glory and the uncertain digital future. The company is a shadow of itself: it employed 145,000 people in 1988, now it is on 26,000 and it announced it will shed 4,000 more jobs. The switch to mostly digital business cost the company $3.4 billion in severance pay and restructuring, but there is still uncertainty about how the once-mighty player will adjust to the future. Read more: AP

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