The Eastman Kodak Company is laying off 425 people to help offset a $46 million loss.
Kodak announced its third-quarter financial results on November 8, then followed up with news that its workforce will be cut by about 7 percent in order to remain on track to meet annual predictions.
Kodak cited licensing, a segment of the company that allows other companies to manufacturer hardware such as the Ektra smartphone, as beingamong the reasons for the loss.
Other reasons include a lowered demand and higher costs for printing, the company’s largest segment.
The company also said that brand licensing in the Consumer and Film division of the company also had an impact, along with struggles in the company’s 3D-printing division.
Around 100 of those layoffs will be in the company’s Rochester, New York, location; the company has around 6,000 employees globally.