Kodak Announces Job Cuts, Profit Decline

Eastman Kodak Co. said it would cut as many as 15,000 jobs and take charges of as much as $1.7 billion over the next three years as it works through a shift toward digital products and away from the waning film market.

The photography firm, whose shares soared on the news, also announced an 83% decline in fourth-quarter net income.

Kodak shares rose to $30.95, up $3.49, on the New York Stock Exchange.

For the fourth quarter of 2003, Kodak posted net income of $19 million, or 7 cents a share, down sharply from $113 million, or 39 cents, a year earlier.