Shares of Eastman Kodak Co (NYSE: KODK) have surged around 6% in premarket trading after the firm reported a second-quarter loss of $5 million.
The pandemic made Kodak swing to a loss in the second quarter, going from $201 million profit in the year-ago period to a loss of $5 million. Similarly, Revenue slid to $213 million from $307 million in 2019.
“During the second quarter we used $29 million of cash, primarily due to the impacts of the COVID-19 pandemic on our business, said David Bullwinkle, Kodak’s CFO.
Ready to put what you’ve learned into practice?
Try IG’s platform with £10,000 in virtual funds and practise trading
without putting your own money at risk.
Try IG with a demo account →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Learn the markets with IG Academy
Build your knowledge with IG Academy educational content, then use a
demo account to practise what you’ve learned on the IG platform.
Explore IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
See how trading works before risking real money
IG’s demo gives you access to thousands of markets and £10,000 in
virtual funds, so you can explore the platform and test your ideas first.
Open an IG demo →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Turn trading theory into practical experience
Learn with IG Academy, explore charts and market tools, and practise
strategies in a simulated trading environment before going live.
Start practising with IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Ready to take your learning further?
IG combines market education, analysis and an established trading platform,
giving you the tools to keep learning as you develop your trading skills.
Discover IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
“Although the print industry slowdown impacted our performance, we continued to serve our customers and furthered our long history of innovation through the launch of six new print products,” said Jim Continenza, Kodak’s Executive Chairman.
Kodak share price plunged on Monday after the company’s $765 million loan agreement with the U.S. government was placed on hold. Kodak was set to receive funds from the U.S. government to cover costs related to factory changes needed to make generic drugs in short supply in the U.S.
Kodak share price surged skyrocketed after receiving a $765 million loan from the U.S. government to produce pharmaceutical ingredients. However, the U.S. International Development Finance Corp (DFC) has suspended the loan after “recent allegations of wrongdoing,” related to the stock performance.
Eastman Kodak share price is up around 6% in premarket trading, trading above $10.00 per share.
