[US] Boeing to lay off 10% of workforce

The woes of aerospace and defence manufacturer Boeing continue. On October 11, the company announced plans to lay off around 17,000 employees - about 10 per cent of its workforce - in the wake of a poor third-quarter earnings report and the ongoing impact of striking workers, Yahoo reports.

Kelly Ortberg - Boeing’s new CEO - shared the news in a letter to employees after the company’s preliminary third-quarter financials revealed it had lost nearly $10 a share. 

Boeing reportedly expects to report revenue of $17.8 billion and an operating cash flow of $1.3 billion and said cash and investments in marketable securities totalled $10.5 billion at the end of the quarter.

“While our business is facing near-term challenges, we are making important strategic decisions for our future and have a clear view on the work we must do to restore our company,” Ms Ortberg said in a press release accompanying the financial data.

“These decisive actions, along with key structural changes to our business, are necessary to remain competitive over the long term," he continued. "We are also focusing on areas that are critical to our future and will ensure we have the balance sheet necessary to invest, support our people and deliver for our customers.”

Source: Yahoo

(Links and quotes via original reporting)

The woes of aerospace and defence manufacturer Boeing continue. On October 11, the company announced plans to lay off around 17,000 employees - about 10 per cent of its workforce - in the wake of a poor third-quarter earnings report and the ongoing impact of striking workers, Yahoo reports.

Kelly Ortberg - Boeing’s new CEO - shared the news in a letter to employees after the company’s preliminary third-quarter financials revealed it had lost nearly $10 a share. 

Boeing reportedly expects to report revenue of $17.8 billion and an operating cash flow of $1.3 billion and said cash and investments in marketable securities totalled $10.5 billion at the end of the quarter.

“While our business is facing near-term challenges, we are making important strategic decisions for our future and have a clear view on the work we must do to restore our company,” Ms Ortberg said in a press release accompanying the financial data.

“These decisive actions, along with key structural changes to our business, are necessary to remain competitive over the long term," he continued. "We are also focusing on areas that are critical to our future and will ensure we have the balance sheet necessary to invest, support our people and deliver for our customers.”

Source: Yahoo

(Links and quotes via original reporting)