Why Shares of Eastman Kodak Slumped 23.64% on Wednesday
Shares of Eastman Kodak (NYSE: KODK) slumped 23.64% on Wednesday. The stock closed at $5.69 on Tuesday, then opened at $5.60 on Wednesday, falling to a daily low of $4.21 at about 11 a.m. EST.
The stock rose slightly to $4.35 at the close. It has a 52-week low of $3.46 and a 52-week high of $7.50. So far this year, the stock is down more than 8%.
Kodak, the former film company that was delisted a decade ago and now manufactures commercial print and advanced materials and chemicals, released its third-quarter earnings after the market closed on Tuesday. While the news was mixed -- revenue was up and net income was down -- investors didn't like the trend. The company reported revenue of $289 million, up 1%, year over year and its sixth consecutive quarter of revenue growth. However, net income was way down to $2 million, compared to $8 million in Q3 2021. The company cited supply chain disruptions, shortages in materials and labor, and increased labor, material, and distribution costs for the decline in earnings.
Source Fool.com