BBC NEWS Americas Africa Europe Middle East South Asia Asia Pacific
BBCi NEWS   SPORT   WEATHER   WORLD SERVICE   A-Z INDEX     

BBC News World Edition
    You are in: Business  
News Front Page
Africa
Americas
Asia-Pacific
Europe
Middle East
South Asia
UK
Business
E-Commerce
Economy
Market Data
Entertainment
Science/Nature
Technology
Health
-------------
Talking Point
-------------
Country Profiles
In Depth
-------------
Programmes
-------------
BBC Sport
BBC Weather
SERVICES
-------------
EDITIONS
 Wednesday, 22 January, 2003, 15:25 GMT
Travel slump hits Eastman Kodak
The Kodak Professional DCS Pro Back digital camera
Consumers are increasingly using digital photography
Eastman Kodak, the producer of photographic film, has said it is to cut 3% of its workforce because people are not taking as many holiday pictures as before.

The US-based film maker said up to 2,900 jobs would have to go in the US and Europe as it attempts to overcome the global slump in travel.

Kodak added it would take a charge between $75m and $100m during the year to cover the job losses.

It also lowered its forecast for 2003, citing ongoing economic weakness and increased use of digital photography, which affects sales of conventional film.

Gloomy outlook

For the fourth quarter, Kodak earned $113m compared to a $206m loss a year earlier, when it took a $262m restructuring charge.

Revenues in the fourth quarter totalled $3.44bn, up from $3.36bn in the same period a year earlier.

Investors were not impressed with the update.

Kodak shares fell $2.79, or 7.4% , to $34.80, in early morning trading on the New York Stock Exchange.

Some analysts were sceptical about Kodak's outlook for the future.

"You have to wonder where the revenue build is going to come from, with weak consumer spending, geopolitical problems potentially holding down tourism, and fewer pictures being taken," said Pittsburg Research analyst Steven Artuso.

See also:

12 Nov 02 | Business
25 Sep 02 | Technology
24 Jan 02 | Business
Internet links:


The BBC is not responsible for the content of external internet sites

Links to more Business stories are at the foot of the page.


 E-mail this story to a friend

Links to more Business stories

© BBC ^^ Back to top

News Front Page | Africa | Americas | Asia-Pacific | Europe | Middle East |
South Asia | UK | Business | Entertainment | Science/Nature |
Technology | Health | Talking Point | Country Profiles | In Depth |
Programmes