Consumer manufacturing giant 3M reported disappointing earnings on Tuesday (Q4 Adj EPS 2.28, exp. 2.36), said it plans to cut about 2,500 manufacturing jobs citing persistent economic hurdles, and forecast profit for this year that fell short of Wall Street estimates (now sees Q1 revenue of $7.2-7.6BN, exp. $8.4BN) as its CFO warned he sees electronics demand down “significantly” in 2023.  The stock tumbled.

“We expect macroeconomic challenges to persist in 2023,” Chief Executive Officer Mike Roman said in a statement Tuesday.

The planned job cuts are “a necessary decision to align with adjusted production volumes,” he said.

The maker of assorted consumer goods such as Post-it notes, surgical supplies and touch-screen displays sees full-year adjusted earnings for 2023 in a range of $8.50 to $9.00 per share, excluding special items. That’s below the average analyst estimate. Worse, with the company missing on its adjusted operating margin for the Q4 period, it also warned that organic sales could

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