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3M announces layoffs of 2,500 employees, reporting profit hit



3M’s results in December were better than expected, but not as good, especially as the Omicron variant sparked short-term demand for masks.

business group 3M manufacturers of commonly used products “Post-it” or N95 masks said on Tuesday that it made $5.777 billion in 2022, down 2.43% from the previous year, and said it would eliminate 2,500 jobs.

3M Chairman and CEO Mike Roman said in a statement Tuesday: Elimination of 2,500 manufacturing jobs as US industrial conglomerates face slowing demand.

3M thus joins a long list of U.S. companies choosing to cut back amid growing fears of a possible recession.

The Minnesota-based company claims $34.229 billion annually, down 3.18% from the previous year.

“We expect the macroeconomic challenges to persist through 2023,” said Roman.

In the fourth and final quarter, the most followed by Wall Street analysts, 3M earned $541 million (down 59.59% year-over-year), with revenues barely changing at 8.079 billion (down 6.01%). There was not.

In a presentation to investors, 3M said:“December was better than expected,” among other things, as the Omicron variant of the coronavirus caused short-term demand for masks.

The results were not well received by the stock market, and the company’s stock fell 3.93 before Wall Street opened.

Source: Biobiochile

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