Eastman Kodak in going for job cuts due to declining sales in its digital cameras business and low business for commercial printing segment. The company provides commercial printing solutions and manufactures a lot of photography related products including digital cameras, picture frames and printers.

Kodak has stated that its fourth quarter preliminary net loss was $137 million or $0.51 per share, compared to net income of $215 million or $0.75 per share in the year ago quarter. Its revenues fell 24 per cent to $2.43 billion.

In December, Kodak said its 2008 results would fall short of expectations due to the "deepening global recession."

The slump is forcing the company to decrease its workforce. It is expected that about 3500 to 4500 Kodak employees would be rendered jobless.