ROCHESTER (voa) – Photography giant Eastman Kodak says it is cutting up to 6,000 jobs due to a slump in business, blamed partly on the popularity of digital photography.
The company said Wednesday it plans to save between $300-$400 million with the cuts. The Rochester, New York-based company made the announcement as it said its second-quarter income plummeted from $284 million in 2002 to $112 million this year. Kodak has 70,000 employees worldwide.
AOL Time Warner Profits Sag Discounting One-Time Items
The world’s largest media company, AOL Time Warner, says its profits more than doubled due to one-time transactions in the second-quarter.
AOL said Wednesday that it earned more than $1 billion for April to June, compared to under $400 million for the same period last year.
The media giant sold its stake in the Comedy Central cable channel and received a $750 million settlement from a claim against Microsoft. Without those gains, the profits would have fallen for the quarter.
AOL says the Securities and Exchange Commission has found fault with two transactions with the German company Bertelsmann. AOL says it stands by its accounting.
