Boeing's quarterly financial report

Boeing to Cut 17,000 Jobs Amid Strikes, Stock Down 42% This Year

Oct 11, 2024, 08:45 PM

Boeing is facing significant financial and operational challenges, leading to a series of drastic measures. The company announced it will cut approximately 17,000 jobs, or 10% of its workforce, due to ongoing strikes and production delays. Boeing's stock has fallen 42% this year to its lowest price since November 2022, and the company is expected to raise equity to cover strike losses, with estimates suggesting up to $15 billion in new stock sales. The first delivery of the 777X has been delayed to 2026, and the 767 production line will end in 2027. Preliminary Q3 results indicate a loss per share of $9.97 and revenue of $17.8 billion, with $5 billion in charges from commercial airlines and defense programs. U.S. Transportation Secretary Pete Buttigieg emphasized the importance of resolving the strike, as Boeing's financial health continues to deteriorate. Boeing CEO Kelly Ortberg outlined these measures in a message to employees, highlighting the severe challenges the company faces.