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What will be the outcome of Boeing's job cuts and restructuring by end of 2025?
3
Resolution / Starting Odds
Successful restructuring with improved financials • 25%
Partial success with moderate improvement • 25%
No significant improvement • 25%
Further decline in financial performance • 25%
Official Boeing announcements and industry reports
Story
Boeing to Cut 17,000 Jobs, Shares Decline Amid Losses and Strike
Oct 11, 2024, 08:39 PM
Boeing announced plans to cut 10% of its global workforce, amounting to approximately 17,000 jobs, as the company grapples with mounting losses and a prolonged machinist strike. The aerospace giant also reported a preliminary Q3 loss, with expected revenue of $17.8 billion and a loss per share of $9.97. Boeing's CEO Kelly Ortberg highlighted the significant challenges facing the company, including a $5 billion charge from its Commercial Airlines and Defense programs. Additionally, the first delivery of the 777X jet has been delayed until 2026, and the production of 767 freighters will end in 2027. The company aims to reset priorities for future competitiveness amid these setbacks. Substantial losses are expected in Boeing Defense, Space & Security (BDS) this quarter. The work stoppage has compounded these issues, with the strike now entering its fifth week. Boeing's shares have declined by 2.9% in after-hours trading.
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Less than 10,000 layoffs • 25%
10,000 to 17,000 layoffs • 25%
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17,000 • 25%
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No significant change • 25%
Company sold or merged • 25%
Significant improvement in financial performance • 25%
Moderate improvement in financial performance • 25%
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New contract agreed • 25%
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