Boeing announced Friday that it plans to lay off about 17,000 employees, or about 10% of its workforce, as it faces a dismal third-quarter earnings report and ongoing damage from striking workers.
Boeing’s new CEO, Kelly Ortberg, shared the news in a letter with employees Friday afternoon after the company shared its preliminary third-quarter financials, revealing its loss. Nearly $10 a share. The company expects to report revenue of $17.8 billion and operating cash flow of $1.3 billion. Boeing said its cash and investments in marketable securities amounted to $10.5 billion at the end of the quarter.
“While our business faces near-term challenges, we are making important strategic decisions for our future and have a clear vision of the work we need to do to restore our company,” Ortberg said in a press release accompanying the financial statements.
“These decisive actions, along with major structural changes to our business, are essential to maintaining our long-term competitiveness,” she continued. “We are also focusing on areas that are important to our future and will ensure we have the balance sheet needed to invest, support our people and deliver for our customers.”
amazing.
I had just closed my real job and saw this.
Companies release this kind of stuff after 4 o’clock on Fridays because they don’t want anyone to see it.
Boeing lays off 10% of the total workforce (17 thousand people)
What was the result of the mechanics’ strike? pic.twitter.com/Hw8eK10AlS– Frog Head (@FrogNews) October 11, 2024
Boeing also announced on Friday that it will end production of the 767 freighter in 2027, once current orders are completed.
This breaking news report will be updated soon with more information.
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