Dow Inc posts quarterly loss on coronavirus hit; to cut jobs

Representative Image. Credit: Getty Images

Dow Inc swung to a second-quarter loss on Thursday as demand plunged for its chemicals from consumer durables and construction material makers and said it would reduce its workforce by 6% to weather the coronavirus crisis.

The company posted a net operating loss, which excludes certain items, of $189 million, or 26 cents per share, in the three months ended June 30, compared with a profit of $649 million, or 86 cents per share, a year earlier.

Net sales fell 24% to $8.35 billion.