Boeing to Cut 17,000 Jobs, Delay 777X Jet Amid $5 Billion Charges and Strike

Oct 14, 2024, 03:04 AM

Boeing has announced significant layoffs, with plans to cut 10% of its workforce, amounting to approximately 17,000 employees. The company is also delaying the first delivery of its 777X jet to 2026 and ending its 767 freighter program. These measures come as Boeing grapples with a month-long strike, preliminary third-quarter losses, and revenue falling short of estimates at $17.80 billion compared to the expected $18.58 billion. The aerospace giant expects to recognize $5 billion in earnings charges. The strike has already cost the company and workers $5 billion, and Boeing's defense unit reported a $2 billion loss in the last three months. The layoffs will impact workers at facilities across the US and more than 4,000 employees in the UK. CEO Kelly Ortberg communicated these changes in a memo to employees.