Fri Oct 11 20:40:00 UTC 2024: ## Boeing Cuts 10% of Workforce as Losses Mount and Strike Continues

**SEATTLE, WASHINGTON -** Boeing announced today that it will lay off 10% of its workforce, approximately 17,000 employees, as the company continues to face significant financial losses and a labor strike that has shut down its aircraft factories for five weeks.

In a surprise release on Friday, the company revealed it expects to report a loss of $9.97 per share in the third quarter. This loss is attributed to charges in both the commercial airplane unit and the defense business.

CEO Kelly Ortberg, who took over the helm just two months ago, stated in a staff memo that the company is facing “tough decisions” and “structural changes” to remain competitive.

The job cuts are the most drastic action taken by Ortberg since his arrival. He inherited a company struggling to recover from safety and manufacturing crises, but the ongoing labor strike has added a significant challenge.

The strike, which began on September 13th, has been a major financial drain for Boeing, with S&P Global Ratings estimating losses exceeding $1 billion per month. The company’s investment-grade rating is at risk, and tensions between Boeing and the union have risen further.

The company also announced a delay in the delivery of its 777X wide-body plane until 2026, six years behind schedule. Production of commercial 767s will also cease in 2027.

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