3M shares fell 5% to $116 a share during the Wall Street session after announcing fourth-quarter accounts and workforce cuts.
“The slower-than-expected growth is due to the rapid decline in consumer-facing markets, which accelerated in December along with the significant slowdown in China due to Covid-related disruptions,” said CEO Mike Roman.
As demand weakened, we adjusted production and controlled costs, which allowed us to improve inventory levels.”
Furthermore, Roman said that according to “the macroeconomic challenges will persist in 2023.”
According to the CEO, the goal is to execute the strategies we launched in 2022 and deliver the best performance to customers and shareholders.
In addition, Mike Roman announced the shedding of approximately 2,500 employees, a necessary decision to align us with current production volumes”