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3M posts 12% fall in revenue as coronavirus crisis hammers demand
[MINNESOTA] Industrial conglomerate 3M reported a 12 per cent drop in quarterly revenue on Tuesday as demand for its products took a hit due to the global economic slowdown caused by the coronavirus crisis.
Net sales fell to US$7.2 billion from US$8.2 billion.
But net income attributable rose to US$1.29 billion, or US$2.22 per share, in the second quarter ended June 30, from US$1.13 billion, or US$1.92 per share, a year earlier.
On an adjusted basis, the maker of Post-it notes and Scotch tape earned US$1.78 per share in the quarter.