As per reports, 3M (MMM) warned of a $300 million hit to revenue in the current quarter as COVID lockdowns in China hurt demand and intensified supply chain issues. The company also expects an impact of 30 cents on per-share earnings in the second quarter, informed Chief Executive Michael Roman at the Bernstein Strategic Decisions Conference. Industrial conglomerate 3M flagged impacts on the automotive and electronics end markets due to chip shortages driven by supply chain issues.
China’s “zero Covid” policy to combat the Omicron variant led to fresh lockdowns and shut factories, disrupting sales of businesses worldwide. Earlier this week, Shanghai announced an end to its two-month-long COVID-19 lockdown.
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