3M Plans to Cut 1,500 Jobs
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CNN further reported that the strength of the U.S. dollar resulted in reduced sales overseas. Shares of 3M were down 1 percent in premarket trading.
MarketWatch reported that 3M's third-quarter profits exceeded expectations, but overall sales were lower than it had hoped. Earnings for the quarter ended Sept. 30 totaled $1.3 billion, and revenue fell 5.2 percent to $7.71 billion, after currency movements reduced sales by 7.4 percent.
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Brendan Menapace
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Brendan Menapace is the content director for Promo+Promo Marketing.
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