SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C. 20549
                                                  
                              Form 10-Q/A

                       Amendment No.1 to Form 10-Q

              (Mark One)

[X]              QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                   THE SECURITIES EXCHANGE ACT OF 1934

                 For the quarterly period ended        September 28, 1997
                                                ---------------------------

                                       OR

[ ]              TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                   THE SECURITIES EXCHANGE ACT OF 1934

                 For the transition period from              to
                                                ------------    -----------

                          Commission File Number  1-4085
                                                  ------

                                     
                           POLAROID CORPORATION
___________________________________________________________________________
          (Exact name of registrant as specified in its charter)

           DELAWARE                                         04-1734655
--------------------------------                   ------------------------
(State or other jurisdiction                            (I.R.S. Employer
incorporation or organization)                        Identification No.)


                549 TECHNOLOGY SQUARE, CAMBRIDGE, MASSACHUSETTS  02139
___________________________________________________________________________

                (Address of principal executive offices)         (Zip Code)

          Registrant's telephone number, including area code: (781)386-2000
___________________________________________________________________________

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months, and (2) has been subject to such
filing requirements for the past 90 days.

                                YES   X       NO
                                    ------        ------

                   Shares of Common Stock, $1 par value,
               outstanding as of October 31, 1997: 44,889,929 shares

The undersigned registrant hereby amends the following items, financial
statements, exhibits or other portions of its quarterly report on Form 10-Q
as set forth on the pages attached hereto to correct the transposition error
in the receivables balance at September 28, 1997.
_______________________________________________________________________________
                     This document contains 6 pages.
___________________________________________________________________________
<PAGE>

                      PART I.   FINANCIAL INFORMATION
                      Item 1.   Financial Statements
                                     
               POLAROID CORPORATION AND SUBSIDIARY COMPANIES
               Condensed Consolidated Statement of Earnings
          Periods ended SEPTEMBER 28, 1997 and SEPTEMBER 29, 1996
                    (In millions, except per share data)

                                                   (Unaudited)

                                    Third Quarter            Nine Months
                                   1997       1996        1997        1996
                                   ----       ----        ----        ----
Net sales:
 United States                   $258.7     $270.3      $742.0      $725.6

 International                    257.7      298.8       796.8       886.2
--------------------------------------------------------------------------

Total net sales                   516.4      569.1     1,538.8     1,611.8
--------------------------------------------------------------------------
 Cost of sales                    277.3      294.3       842.2       896.9

 Marketing, research, engineering
  and administrative expenses     188.1      209.5       562.1       589.0
 Restructuring and other              -          -           -       110.0
--------------------------------------------------------------------------

Total costs                       465.4      503.8     1,404.3     1,595.9
--------------------------------------------------------------------------
Profit/(loss)
  from operations                  51.0       65.3       134.5        15.9

  Other income/(expense)            0.2        4.5        17.1        26.4

  Interest expense                 11.7       12.3        34.6        35.6
--------------------------------------------------------------------------

Earnings/(loss)
 before income taxes               39.5       57.5       117.0         6.7

  Federal, state and foreign income
    tax expense/(benefit)          13.8       23.3        40.9         4.7
--------------------------------------------------------------------------

Earnings/(loss) before
  extraordinary item               25.7       34.2        76.1         2.0

Extraordinary Item                    -          -           -       (54.5)
--------------------------------------------------------------------------
Net earnings/(loss)               $25.7      $34.2       $76.1      ($52.5)
===========================================================================
Primary earnings/(loss) per common share:
Earnings/(loss) before
 extraordinary item               $0.55      $0.74       $1.66       $0.04

Extraordinary Item                    -          -           -      ($1.20)
--------------------------------------------------------------------------
Net earnings/(loss)               $0.55      $0.74       $1.66      ($1.16)

Fully diluted earnings
 per common share                     *      $0.71       $1.65           *
--------------------------------------------------------------------------

Cash dividends
 per common share                 $0.15      $0.15       $0.45       $0.45

Weighted average common shares used for primary
earnings/(loss) per share calculation
(in thousands) **                46,425     46,426      45,867      45,545

Common shares outstanding at end of period
(in thousands)                   45,620     45,587      45,620      45,587
==========================================================================

*     Fully diluted earnings per share are not stated because they are
      greater than or equal to primary earnings per common share.
     
**    The weighted average shares used to calculate primary earnings per
      common share include the dilutive effect of stock options
      outstanding.

                                 -2-

<PAGE>

               POLAROID CORPORATION AND SUBSIDIARY COMPANIES
                   Condensed Consolidated Balance Sheet
                               (In Millions)


                                                      (Unaudited)
                                        September 28, 1997   December 31, 1996
Assets
------------------------------------------------------------------------------

Current assets
  Cash and cash equivalents                   $   57.9            $   72.8
  Short-term investments                           8.8                 5.5
  Receivables                                    548.4               535.2
  Inventories:
    Raw materials                                101.4               104.7
    Work-in-process                              211.7               225.3
    Finished goods                               255.4               218.8
------------------------------------------------------------------------------
Total inventories                                568.5               548.8
Prepaid expenses and other assets                236.3               224.1
------------------------------------------------------------------------------
Total current assets                           1,419.9             1,386.4
------------------------------------------------------------------------------
Property, plant and equipment
  Gross property, plant and equipment          1,986.8             2,163.6
  Less: accumulated depreciation               1,337.2             1,497.4
------------------------------------------------------------------------------
  Net property, plant and equipment              649.6               666.2
------------------------------------------------------------------------------
Deferred tax assets                               96.7                98.8
------------------------------------------------------------------------------
Other assets                                      63.9                50.2
------------------------------------------------------------------------------
Total assets                                  $2,230.l            $2,201.6
------------------------------------------------------------------------------

Liabilities and stockholders' equity
------------------------------------------------------------------------------
Current liabilities
  Short-term debt                             $  187.8            $  124.9
  Current portion of long-term debt               -                   37.7
  Payables and accruals                          285.2               310.5
  Compensation and benefits                      188.3               238.4
  Federal, state and foreign income taxes         53.0                51.6
------------------------------------------------------------------------------
Total current liabilities                        714.3               763.1
------------------------------------------------------------------------------
Long-term debt                                   496.5               489.9
------------------------------------------------------------------------------

Accrued postretirement benefits                  247.2               248.5
Accrued postemployment benefits                   42.8                41.9
------------------------------------------------------------------------------

Common stockholders' equity
  Common stock, $l par value                      75.4                75.4
  Additional paid-in capital                     435.5               409.4
  Retained earnings                            1,513.7             1,457.8
  Cumulative translation adjustments             (35.5)               -
  Less:  Treasury stock, at cost               1,239.9             1,244.8
         Deferred compensation                    19.9                39.6
-----------------------------------------------------------------------------
  Total common stockholders' equity              729.3               658.2
-----------------------------------------------------------------------------
Total liabilities and stockholders' equity    $2,230.1            $2,201.6
============================================================================

                               -3-


<PAGE>




               POLAROID CORPORATION AND SUBSIDIARY COMPANIES
                  Condensed Consolidated Statement of Cash Flows
        Nine Months Ended September 28, 1997 and September 29, 1996
                                (In millions)
                                                        (Unaudited)
Cash flows from operating activities                   1997     1996
--------------------------------------------------------------------
  Net earnings/(loss)                                 $76.1   ($52.5)
  Depreciation of property, plant
    and equipment                                      92.1     92.5
  (Increase)/decrease in receivables                 (107.6)    37.6
  Increase in inventories                             (23.8)   (27.2)
  Increase in prepaids and other assets               (21.9)   (10.8)
  Increase/(decrease) in payables and accruals         51.4     (5.5)
  Increase/(decrease) in compensation and benefits    (55.4)     3.3
  Increase/(decrease) in federal, state
    and foreign income taxes payable                   16.4     (0.8)
  Gain on sale of real estate                         (19.5)   (23.2)
  Contribution of real estate                          19.1      -
  Other non cash items                                 22.5     80.3
--------------------------------------------------------------------
  Net cash provided by operating activities            49.4     93.7
--------------------------------------------------------------------

Cash flows from investing activities
--------------------------------------------------------------------
  (Increase)/decrease in short-term investments        (3.3)     4.4
  Increase in other assets                            (13.7)     -
  Additions to property, plant and equipment          (89.8)   (81.1)
  Proceeds from sale of real estate                     7.6     35.4
  Proceeds from sale of fixed assets                    0.1      -
--------------------------------------------------------------------
  Net cash used by investing activities               (99.1)   (41.3)
--------------------------------------------------------------------

Cash flows from financing activities
--------------------------------------------------------------------
  Net increase/(decrease) in short-term
    debt (maturities 90 days or less)                  69.0    (30.4)
  Short-term debt having maturities
    more than 90 days
    Proceeds                                           29.5      -
    Payments                                          (33.0)     -
 Proceeds from issuances of long-term debt            296.5      -
 Repayments of long-term debt                        (327.8)   (19.6)
 Cash dividends paid                                  (20.3)   (20.5)
 Stock options exercised                               30.9      8.4
 Purchase of treasury stock                            (6.9)   (10.4)
---------------------------------------------------------------------

 Net cash provided/(used) by financing activities      37.9    (72.5)
---------------------------------------------------------------------

Effect of exchange rate changes on cash                (3.1)    (2.8)
---------------------------------------------------------------------

Net decrease in cash and cash equivalents             (14.9)   (22.9)
---------------------------------------------------------------------

Cash and equivalents at beginning of period            72.8     73.3
---------------------------------------------------------------------

Cash and cash equivalents at end of period            $57.9    $50.4
====================================================================

                               -4-

<PAGE>
                                     
               POLAROID CORPORATION AND SUBSIDIARY COMPANIES
Condensed Consolidated Statement of Changes in Common Stockholders' Equity
          Periods Ended September 28, 1997 and September 29, 1996
                               (In Millions)
                                     
                                                      (Unaudited)

                                          Third Quarter         Nine Months
                                          1997      1996       1997    1996
                                          ----      ----       ----    ----
Common stock
 Balance at the beginning of the period  $75.4     $75.4      $75.4   $75.4
 Balance at the end of the period         75.4      75.4       75.4    75.4
---------------------------------------------------------------------------

Additional paid-in capital
 Balance at the beginning of the period  423.1     407.6      409.4   401.9
 Stock options exercised - tax benefit     3.4       0.1        6.9     1.2
 Issuance of shares in connection
     with stock incentive plan             9.0       0.7       19.2     5.3
 Balance at the end of the period        435.5     408.4      435.5   408.4
---------------------------------------------------------------------------

Retained earnings
 Balance at the beginning of
     the period                         1,494.8  1,425.6    1,457.8 1,525.8
   Net earnings/(loss)                     25.7     34.2       76.1  (52.5)
   Dividends declared - common stock      (6.8)    (6.8)     (20.3)  (20.5)
   ESOP dividend tax benefit received       -        0.1        0.1     0.3
  Balance at the end of the period      1,513.7  1,453.1    1,513.7 1,453.1
---------------------------------------------------------------------------

Cumulative translation adjustment
 Balance at the beginning of the period  (28.1)      -        -        -
   Currency translation adjustment        (7.4)      -       (35.5)    -
 Balance at the end of the period        (35.5)      -       (35.5)    -
---------------------------------------------------------------------------

Less:
 Treasury stock
   Balance at the beginning
     of the period                      1,243.3  1,212.6    1,244.8 1,205.4
   Repurchase of common shares              1.5    -            6.9    10.4
   Issuance of shares in connection       
       with stock incentive plan          (4.9)    (0.5)     (11.8)   (3.7)
 Balance at the end of the period       1,239.9  1,212.1    1,239.9 1,212.1
---------------------------------------------------------------------------

Deferred compensation
 Balance at the                           
      beginning of the period             19.9     60.6      39.6     80.0     
   Stock options - 1993                     -      (0.2)     (0.6)    (0.7)
   Restricted stock                         -      (0.1)     (0.2)     0.4
   ESOP Trust                               -        -     ( 18.9)   (19.4)
Balance at the end of the period           19.9     60.3      19.9     60.3
---------------------------------------------------------------------------

Total common stockholders' equity        $729.3   $664.5    $729.3   $664.5
===========================================================================

                                -5-  
<PAGE>


                                   SIGNATURES
                                   ----------
   
   
   
   
   
   Pursuant to the requirements of the Securities Exchange Act of 1934,
   the registrant has duly caused this amendment to be signed on its behalf
   by the undersigned thereunto duly authorized.
   
   
   
   
   
   
   
                                POLAROID CORPORATION
                                ---------------------------------
                                (Registrant)
   
   
   
   
   
   
   November 24, 1997        /s/ William J. O'Neill, Jr.
                                ---------------------------------
                                William J. O'Neill, Jr.
                                Executive Vice President and
                                Chief Financial Officer