Camera and film maker Eastman Kodak today reported sharply lower first-quarter net profits.
The company cited the slowdown in the US and confirmed a restructuring plan was in place under which some 3,500 jobs will be cut from its 78,000-strong workforce.
The company, which has struggled with lower sales amid tough competition in a slowing economy, reported net income of $150 million, or 52 cents a share, compared with $289 million, or 93 cents a share, a year earlier.
Excluding a charge of 2 cents per share, mainly for exiting an equipment manufacturing facility, earnings were 54 cents per share.
Analysts surveyed by Thomson Financial/First Call expected earnings of 49 cents to 56 cents a share, with an average estimate of 52 cents.
The company reported revenues of $2.98 billion, down from $3.1 billion a year earlier.
Kodak shares closed last night at $43.50, up $1.02, on the New York Stock Exchange. The stock has fallen about 28 per cent over the past year and under-performed the Standard and Poor's 500 index by 18 percent.
Kodak, which has taken several steps in recent months to cut costs and reduce debt, announced a restructuring that includes cutting its work force by 3,000 to 3,500, or up to 4.5 per cent.