Daniel Acker | Bloomberg | Getty Images
3M’s Scotch brand tape on display for sale at a supermarket in Princeton, Illinois.
3M on Thursday reported first-quarter earnings and revenue that badly missed analysts’ expectations and cut its full-year forecast.
The maker of Post-Its and Scotch tape also announced plans to cut 2,000 positions worldwide.
Shares of 3M tumbled nearly 8% in premarket trading following the announcement.
Here are the numbers 3M reported:
- Earnings per share: $2.23, adjusted vs. $2.49 expected, per Refinitiv survey of analysts
- Revenue: $7.863 billion vs. $8.025 billion expected, per Refinitiv survey
The company slashed its full-year outlook to $9.25 to $9.75 a share, from $10.45 to $10.90 per share.
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