From CNBC: 2024-10-11 17:07:55

Boeing plans to cut 17,000 jobs, or 10% of its workforce, due to mounting losses and a machinist strike. The launch of its new wide-body plane will be delayed, with the still-uncertified 777X won’t be delivered until 2026. Boeing reported an expected loss of $9.97 per share in Q3 and a $5 billion pretax charge in its commercial airplane and defense businesses. Operating cash outflow is projected to be $1.3 billion in Q3. Ortberg, CEO, emphasized the need for structural changes to ensure competitiveness and customer delivery. Credit ratings agencies warned of a potential loss of the investment-grade rating due to the strike, which began on September 13 after a rejected tentative agreement. Boeing filed an unfair labor practice charge against the union over negotiations and misrepresentation of proposals. Job cuts are expected “over the coming months,” a significant move from Ortberg to stabilize the company post-crises.



Read more at CNBC: Boeing to cut 17,000 jobs as losses deepen during factory strike