Kodak swings to Q2 loss, but shares surge

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Shares of Eastman Kodak Co. rose more than 10% in the extended session on Tuesday after the company reported a second-quarter loss of $5 million. That contrasted with a profit of $201 million in the year-ago period, but came as the company “continued to navigate the challenges posed by the pandemic during the second quarter,” it said in a statement. Revenue fell to $213 million from $307 million a year ago. “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,” Executive Chairman Jim Continenza said in the statement. Kodak did not provide per-share figures and no analyst surveyed by FactSet had financial forecasts for the company’s quarter. The company said it ended the period with a cash balance of $180 million, down from a March 31 cash balance of $209 million. Interest in Kodak shares has experienced a resurgence in recent days on news of a potential deal to give Kodak a $765 million loan to help pay for factory changes needed to make generic drugs in short supply in the U.S. Shares fell 54% so far this week, however, on news the deal may be off for the time being.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.