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Kodak reports profit, misses estimates

Photography giant Eastman Kodak on Wednesday reported earnings of $130 million, or 39 cents per share on sales of $3.44 billion. Although sales were up 2 percent from a year earlier, Kodak's profit missed Wall Street estimates.

Looking forward, Kodak said to expect 2003 earnings of between $2.35 to $2.95 per share, reflecting concerns about the general economy as well as the impact of a continued shift to digital photography. The company also said it plans to cut 2,300 to 2,900 jobs this year--1,800 to 2,200 more than previously planned.