July 23, 2020 / 10:12 AM / 13 days ago

Dow posts quarterly loss on coronavirus hit; to cut jobs

July 23 (Reuters) - 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.

Reporting by Taru Jain; Editing by Sriraj Kalluvila

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