The aerospace company has faced production slumps and a declining stock this year as it now contends with striking workers and a massive workforce reduction.
Topline
A whopping 10% of Boeing’s workforce will be gutted in the coming months, the aerospace company announced Friday, the latest sign of trouble for Boeing as it deals with billion-dollar losses and an ongoing factory strike.Key Facts
Boeing said in its announcement it needs to reset its workforce levels to “align” with its “financial reality and to a more focused set of priorities,” noting executives, managers and employees will be affected by the layoffs.
The layoffs will cut about 17,000 people from the company, CNBC reported.
Boeing also announced production and delivery changes, saying it will delay deliveries of its new 777X long-range airplane until 2026 and stop producing its 767 freighters, planes primarily used for shipping goods, by 2027.
The layoff news comes shortly after Boeing published preliminary third quarter results Friday, which revealed the company expects to report a loss of $9.97 a share.
Boeing is also in the middle of a strike from more than 30,000 factory workers who sought a new contract earlier this week before pay talks eventually collapsed.
