Dow Inc.’s stock shed early gains to trade down 6% Thursday, after the material-sciences company latest earnings miss and news it’s cutting 1,500 jobs as part of a cost-reduction program aiming to save $1 billion in savings.

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.

Midland-based Dow is eliminating 1,500 jobs around the world as part of a plan to cut $1 billion worth of spending.

Dow ( DOW) will record a charge of $250M to $325M in the first quarter of 2025 for costs associated with these activities, which primarily include severance and related benefit costs, and the costs to implement these actions will be expensed as incurred ranging from $20M to $30M.