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Kodak losses mount on weak digital sales
NEW YORK |
NEW YORK (Reuters) - Eastman Kodak Co reported a far larger-than-expected loss and a 25 percent drop in revenue for the fourth quarter on weakness in digital sales and licensing.
The photography and printing company's revenue fell to $1.93 billion, missing the analysts' average forecast of $2.11 billion, according to Thomson Reuters I/B/E/S.
Kodak cited a 25 percent decline in digital revenue. Revenue at its consumer digital imaging group, which includes the licensing portfolio, fell almost 40 percent to $731 million.
The results come after a U.S. International Trade Commission judge determined on Monday that a Kodak patent claim against Apple Inc and Research in Motion Ltd is invalid. Kodak filed the complaint in January, claiming Apple's iPhone and RIM's camera-enabled Blackberry infringe its patent on a method for previewing images.
Kodak reported fourth-quarter earnings of $33 million, or 12 cents per share, from continuing operations, compared with $430 million, or $1.36 per share, a year earlier.
Excluding one-time items, the company reported a loss of 37 cent per share, missing analysts' estimates of a 2-cent loss.
Shares of Kodak were unchanged at $4.52 in trading before the market opened.
(Reporting by Jennifer Saba; Editing by Lisa Von Ahn)
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