Boeing announced Friday that it plans to lay off around 17,000 employees, or about 10% of its workforce as it faces a dismal third-quarter earnings report and ongoing damage from striking workers.
New Boeing CEO Kelly Ortberg shared the news in a letter with employees Friday afternoon after the company shared its preliminary third-quarter financials, revealing it lost nearly $10 a share. The company expects to report revenue of $17.8 billion and an operating cash flow of $1.3 billion. Boeing said its cash and investments in marketable securities totaled $10.5 billion at the end of the quarter.
“While our business is facing near-term challenges, we are making important strategic decisions for our future and have a clear view on the work we must do to restore our company,” Ortberg said in a press release accompanying the financial data.
“These decisive actions, along with key structural changes to our business, are necessary to remain competitive over the long term,” she continued. “We are also focusing on areas that are critical to our future and will ensure we have the balance sheet necessary to invest, support our people and deliver for our customers.”
Wow.
Was just shutting down my real job and saw this.
Companies release this kind of stuff after 4 on Fridays because they don’t want anyone to see it.
Boeing laying off 10% of entire workforce. (17k people)
How’d that machinist strike work out? pic.twitter.com/Hw8eK10AlS— Frog Capital (@FrogNews) October 11, 2024
Boeing also announced on Friday that it would end production of its 767 freighter in 2027, once it finishes current orders.
This breaking news report will be updated shortly with further information.
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