What happened

Shares of Eastman Kodak (KODK -1.35%) slumped 23.64% on Wednesday. The stock closed at $5.69 on Tuesday, then opened at $5.60 on Wednesday, falling to a daily low of $4.21 at about 11 a.m. EST.

The stock rose slightly to $4.35 at the close. It has a 52-week low of $3.46 and a 52-week high of $7.50.  So far this year, the stock is down more than 8%.

So what

Kodak, the former film company that was delisted a decade ago and now manufactures commercial print and advanced materials and chemicals, released its third-quarter earnings after the market closed on Tuesday. While the news was mixed -- revenue was up and net income was down -- investors didn't like the trend. The company reported revenue of $289 million, up 1%, year over year and its sixth consecutive quarter of revenue growth. However, net income was way down to $2 million, compared to $8 million in Q3 2021. The company cited supply chain disruptions, shortages in materials and labor, and increased labor, material, and distribution costs for the decline in earnings.

Now what

Investors are looking for a turnaround story for Kodak and aren't seeing the path forward yet. The company's earnings per share have declined more than 87% over the past three years. The company also saw a 10% decline in sales volume for its Kodak Sonora Process Free Plates, and the revenue from its Kodak Prosper annuities dropped by 11% in the quarter. Debt continues to be an issue for the company as well.