KODK - Kodak shares tumble 21% on earnings decline in Q3

• Eastman Kodak ( NYSE: KODK ) shares have dropped -22% after it reported revenue of $289M (+0.7% Y/Y) and a decline in net profit to $2M from $8M in Q3.
• Volume sales for Kodak's SONORA Process Free Plates - a key product - declined by 10% due to customer buying patterns and lower inventory levels amid uncertain global economic conditions.
• Annuity revenue for PROSPER - another key product - also fell 11% in the quarter primarily due to foreign currency impacts.
• Chairman and CEO Jim Continenza said: "We continue to navigate through the ongoing global impact associated with COVID-19 pandemic, the war in Ukraine, inflation, unfavorable exchange rates, and other global events. Like many other companies, Kodak is experiencing supply chain disruption, shortages in material and labor and increased costs of labor, materials and distribution. We have implemented numerous measures to mitigate these challenges, including increasing safety stock and implementing pricing action."

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