Boeing plans to slash 7000 jobs as it reported a loss of $3.502 billion… – : Newsflight :
Manufacture , October 28,2020

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Boeing plans to slash 7000 jobs as it reported a loss of $3.502 billion in the first nine months of the year.

Boeing aims to have a staff of 130,000 by the end of 2021, after attrition, retirements and buyouts. Earlier this year, Boeing targeted a 10% cut to its staff, which stood at 160,000 people at the start of the year.

About 19,000 employees are leaving Boeing this year, but the company is adding some jobs in its more stable defense unit.

Boeing President and CEO Dave Calhoun said “..As we align to market realities, our business units and functions are carefully making staffing decisions to prioritize natural attrition and stability in order to limit the impact on our people and our company. We anticipate a workforce of about 130,000 employees by the end of 2021. Throughout this process, we will communicate with you every step of the way”

The company released its third Quarter results, which highlighted a loss of $466 million for the third quarter. This compares to a $374 million profit this time last year and $7,036 million in 2018.

Boeing’s financial results continue to be significantly impacted by COVID-19 and the 737 MAX grounding. Company reported a revenue of $14.1 billion, down 29% from a year ago.

Reported a operating cash flow of ($4.8) billion; cash and marketable securities of $27.1 billion, and the total backlog of $393 billion, including more than 4,300 commercial airplanes.

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