The $330 million, or $1.37 a share, fourth-quarter net loss posted by Goodyear Tyre & Rubber Co on Wednesday was worse-than-anticipated. The reported figures were a drastic turnaround from the year-before profit of $52 million, or 23 cents a share.

One-time items excluded, the $1.18 per share loss was more than the Wall Street analysts' average expectation of a $1.13 per share loss.

With tire production falling 19 percent in the global scenario, Goodyear's fourth-quarter revenue dropped to $4.1 billion from the previous year's figures of $5.2 billion. The sales for the quarter plunged to $4.1 billion from the same-quarter year-earlier sales figures of $5.2 billion.

As a result of the dismal figures, largely because of the financial meltdown, the Akron, Ohio-based biggest US tire maker has made further additions to its earlier-announced restructuring measures. The company intends a 6.7 percent global staff-reduction, which will result in laying-off nearly 5,000 employees.

In addition, the cost-cutting targets have been raised by the company, which has also announced its plans to slash production capacity and freeze staff salaries.