There is a silver lining to Kodakâ€™s 10% decrease in net sales this quarter: it gained a significant growth in digital earnings. And they may be turning a corner from previous eight quarters of consecutive losses.
Kodakâ€™s Q3 2006 figures showed $3.2 billion net worldwide sales, down 10% compared to its $3.5 billion sales in Q3 2005. However, it also posted $105 million in digital earnings this quarter, soaring 15 times from the $7 million of the same period last year.
The film photography giant faced a monumental challenge when the world it dominated turned to digital photography. In 2003, it decided to focus on digital devices, slashed 27,000 jobs and implemented other cost-cutting measures.
Kodak CEO and Chairman Antonio Perez says, â€œOur business transformation is on track; this performance represents clear progress toward our goals and gives us good momentum to carry into the fourth quarter and 2007.â€