Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen's correspondent: 35 martyrs, 75 injured in occupation targeting of civilians seeking food aid in Rafah, Khan Younis, southern Gaza.
Da Silva: What is happening in Gaza is not a war, it is a genocide
Da Silva: Even the Jewish people do not want this war; it is revenge by a government against the possibility of establishing a Palestinian state
Brazilian President Lula da Silva: What we are seeing is not a war between two armies. [What we have is a] completely professional army that is killing women and children in the Gaza Strip.
Hamas: We affirm our readiness to immediately begin a round of indirect negotiations to reach an agreement on the points of contention
Hamas: We welcome the continued Qatari and Egyptian efforts to end the war waged by the Zionist occupation against our people
Al Mayadeen's correspondent: Israeli occupation forces blew up Noura Al-Kaabi Hospital, designated for kidney dialysis patients, in the northern Gaza Strip
Al Mayadeen's correspondent: Israeli drone targets a car on the Ayta al-Shaab-Debel road in southern Lebanon
Yemeni Armed Forces Spokesperson Yahya Saree: The remaining airlines that have not yet complied with the ban are urged to take this into serious consideration to ensure the safety of their aircraft and passengers
Yemeni Armed Forces Spokesperson Yahya Saree: The YAF, after successfully imposing a partial ban on air traffic at Lydd Airport, are now working to impose a full ban on air traffic at the aforementioned airport in the coming period

3M announces 6000 job cuts in attempt to adjust to production volumes

  • By Al Mayadeen English
  • Source: Agencies
  • 25 Apr 2023 18:49
  • 2 Shares
3 Min Read

The US multinational conglomerate 3M notes that it will now focus on "emerging areas" to counter downward trends.

  • x
  • In this Oct. 24, 2017, file photo, the logo for 3M appears on a screen above the trading floor of the New York Stock Exchange. (AP)
    In this October 24, 2017, file photo, the logo for 3M appears on a screen above the trading floor of the New York Stock Exchange (AP)

The US multinational conglomerate 3M revealed, on Tuesday, that the decreasing demand for consumer electronics resulted in lower profits. Based on that assessment, the multinational company announced that it will be cutting 6,000 jobs from across its global operations, which range from transportation to healthcare.

CEO Mike Roman explained that in the first quarter, 3M continued a "relentless focus on serving customers and aggressively managed costs," however, "to strengthen 3M for the future, today we announced actions that will reduce cost at the corporate center, further simplify and strengthen our supply chain structure and streamline our go-to-market business models."

In the first quarter, the multinational's profits were noted at $979 million. That meant that the first quarter was down 25% on lower revenues of $8.0 billion.

In pre-market trade, shares of 3M decreased by 0.5% to $104.50.

In the more detailed earnings presentation, the company pointed to "significant weakness" in consumer electronics, such as smartphones, tablets, and televisions but noted that the market is estimated to stabilize throughout the second half of 2023.

Similarly, 3M remarked on the significant decline in face masks sale which was, due to the Covid-19 pandemic, at elevated levels throughout 2022.

While the job cuts are estimated to result in a $700 million to $900 million increase in annual savings, 3M also noted that it would now focus on "high-growth" segments such as automotive electrification to offset these trends, adding that it planned to invest in climate technology, sustainable packaging, and other "emerging areas."

Related News

3M to settle with US veterans at $6bln over faulty earplugs lawsuit

3M gives in to $10.3bln settlement over water contamination lawsuit

While the job cuts have been anticipated to increase annual savings by $700 to $900 million, 3M also stated that in order to counteract the decreasing trends, it would now concentrate on "high-growth" segments like automotive electrification along with planned investments in climate technology, sustainable packaging, and other "emerging areas".

Job cuts continue across major companies

US rideshare service Lyft on, April 14, sent word to employees that it plans a major staffing reduction to cut costs.

"We need to be a faster, flatter company," Lyft chief executive David Risher said in an email.

"We will significantly reduce the size of the team as part of a restructuring to focus on better meeting the needs of riders and drivers," the newly appointed CEO announced.

Lyft will notify employees next week as to whether they still have jobs with the San Francisco-based company, which will keep all of its offices closed that day, the chief executive noted.

The company declined to provide details on the number of affected staff, but the Wall Street Journal reported earlier in the day that the move could impact 30% of Lyft's workforce; i.e. more than 4,000 employees.

According to Risher, Lyft plans to use the money it saves to keep prices competitive, improve pick-up times, and give drivers better earnings.

Lyft could see costs slashed by half after the layoffs, the WSJ report suggested.

Read more: Meta lay-offs continue, with 10,000 job cuts eyed anew

  • 3M
  • economic crisis
  • economy
  • job cuts
  • Production volume adjustments

Most Read

President Donald Trump and Israeli Prime Minister Benjamin Netanyahu arrive to a news conference in the East Room of the White House, Tuesday, Feb. 4, 2025, in Washington (AP)

Rift widens: Trump, Netanyahu clash in heated phone call over Iran

  • Politics
  • 26 May 2025
Lebanon's PM Nawaf Salam meets with US envoy Morgan Ortagus in Beirut on April 5, 2025 (Dalati Nohra via AP)AP)

Morgan Ortagus to exit US role in Lebanon amid policy shift

  • Politics
  • 1 Jun 2025
An Israeli army vehicle moves in the Gaza Strip as seen from southern occupied Palestine, Thursday, May 29, 2025 (AP)

Hamas rejects Witkoff ceasefire plan, says alters terms

  • Politics
  • 29 May 2025
Spokesperson for the Yemeni Armed Forces, Brigadier General Yahya Saree, announces a new operation against Ben Gurion Airport on May 29, 2025 (Yemeni Military Media)

Yemen announces successful hypersonic missile strike on Ben Gurion

  • Politics
  • 30 May 2025

Coverage

All
War on Gaza

Read Next

All
Russia-Ukraine peace talks resume in Istanbul amid escalating war
Europe

Ukraine, Russia head for Istanbul talks as battles rage, cmdr. resigns

Australia urged to join Macron-led push for Palestinian statehood
Asia Pacific

Australia urged to join Macron-led push for Palestinian statehood

‘Israel’ lost international legitimacy for war on Gaza: Israeli media
Palestine

‘Israel’ lost 'international legitimacy' for Gaza war: Israeli media

MSF Chief: US-Israeli aid plan in Gaza ‘Dehumanising’
Politics

US-Israeli aid plan in Gaza used as tool for forced displacement: MSF

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS