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Photo giant slashing jobs

Thursday, Jan. 22, 2004 | 9:23 a.m.

ROCHESTER, N.Y. -- Eastman Kodak Co., the company that popularized the film camera, today said it will eliminate about 20 percent of its workforce and take a charge of as much as $1.7 billion as it carries out plans to shift away from traditional film to digital.

Kodak's shares surged as much as 15 percent today, their biggest one-day percentage gain since October 1987.

Kodak also said its fourth-quarter profit from continuing operations fell to $7 million, or 3 cents a share, from $130 million, or 45 cents, a year earlier. Sales rose about 9.8 percent to $3.78 billion mostly because of currency gains, Kodak said.

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