American aerospace giant Boeing announced a fresh round of job cuts during its earnings call on Wednesday morning as coronavirus cases continued to surge worldwide.
Boeing said it would cut 7,000 jobs by the end of 2021, according to The Wall Street Journal. The job cut, the latest in a series of coronavirus-related cuts, would take the company to 130,000 employees after starting 2020 with 160,000. Read More
Boeing is lowering its expectations around demand for new planes over the next decade as the coronavirus pandemic continues to undercut air travel.
The company on Tuesday predicted that the world will need 18,350 new commercial airplanes in the next decade, a drop of 11% from its 2019 forecast. The value of that market will slide by about $200 billion from last year’s forecast, to $2.9 trillion. Read More
Boeing lost $2.4 billion in the second quarter and the company will slow production and cut more jobs as demand for commercial aircraft shrinks during the coronavirus pandemic.
The loss was far worse than Wall Street expected; so was the decline in revenue, which fell 25%. Read More
In late July, Boeing dropped out of the running for the new intercontinental ballistic missile competition. Boeing chose to remove itself with the expectation it will be unable to provide the system at a competitive price. Read More