Material sciences company Dow posts Q4 loss, says it's cutting 1,500 jobs, 4% of workforce

Dow Inc.’s fourth-quarter profits came in well below Wall Street expectations and the material sciences company said Thursday that it is slashing 1,500 jobs globally in an effort to cut costs as sales stagnate. The layoffs amount to about 4% of Dow’s workforce, according to data firm FactSet. Dow said the staff reductions are part of a plan to cut $1 billion in costs, citing “persistently weak macroeconomic conditions.” Dow posted a loss of $35 million in the fourth quarter. Adjusted for one-time expenses, per-share profits in the period were zero. Shares of Michigan-based Dow tumbled nearly 8% in morning trading.