Kodak Slides After Disappointing 2020 Revenue, Net Loss By Investing.com

© Reuters

By Dhirendra Tripathi

Investing.com – Kodak (NYSE:) shares fell 8% in Wednesday’s trade after the company reported annual results that disappointed traders.

Tuesday evening, the company reported a decline in revenue and a swing to a net loss. Consolidated January-December revenue came at $1.02 billion against $1.24 billion in the 2019 period. The net loss of $541 million last year compared to net income of $116 million in 2019.

Earnings before interest, taxes, depreciation and amortization also came negative, with cost savings, work furloughs and pay reductions proving to be inadequate to offset the Covid-19 damage.

Kodak, the photo film maker that had slipped into oblivion, regained when its shares jumped almost seven times in a single session as the company secured a $765 million U.S. government loan to make key ingredients for a Covid-19 drug.

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