{"id":959,"date":"2020-04-29T14:34:06","date_gmt":"2020-04-29T13:34:06","guid":{"rendered":"https:\/\/thedailyleaks.com\/?p=959"},"modified":"2020-04-29T14:37:37","modified_gmt":"2020-04-29T13:37:37","slug":"boeing-to-lay-off-staff-after-announcing-first-quarter-loss-of-641-million","status":"publish","type":"post","link":"https:\/\/thedailyleaks.com\/boeing-to-lay-off-staff-after-announcing-first-quarter-loss-of-641-million\/","title":{"rendered":"Boeing to lay off staff after announcing first-quarter loss of $641 million"},"content":{"rendered":"

Boeing announced sweeping cost-cutting measures Wednesday after reporting a first-quarter loss of $641 million following the hit to the airline business from the coronavirus pandemic.<\/p>\n

The aerospace giant plans to reduce its workforce by 10 percent through a combination of voluntary and involuntary layoffs and will slash production of its main commercial planes, including the 787 and 777, Chief Executive David Calhoun said in a message to employees that accompanied an earnings release.<\/p>\n

The quarterly loss of $641 million compared to profits of $2.1 billion in the year-ago period. Revenues fell 26.2 percent to $16.9 billion.<\/p>\n

ALSO READ:\u00a0<\/strong>Pochettino is Newcastle\u2019s prospective new owners\u2019 No 1 choice, to earn \u00a319m a year<\/a><\/strong><\/p>\n

The loss reflected “abnormal production costs” connected to the temporary suspension of Puget Sound manufacturing operations due to COVID-19 and due to the suspension of production of the 737 MAX, which remains grounded following two deadly crashes.<\/p>\n

Boeing said the pandemic crisis has hit demand for new planes and services, with airlines delaying purchases of jets, slowing delivery schedules and deferring elective maintenance.<\/p>\n

It will cut production of the 787 from 14 per month to 10 per month in 2020 and gradually to seven per month by 2022.<\/p>\n

Boeing also will trim output on the 777 and lower its targets for the 737 MAX.<\/p>\n

“The COVID-19 pandemic is affecting every aspect of our business, including airline customer demand, production continuity and supply chain stability,” Calhoun said in a statement.<\/p>\n

“Our primary focus is the health and safety of our people and communities while we take tough by necessary action to navigate this unprecedented health crisis and adapt for a changed marketplace.”<\/p>\n

Boeing shares jumped 5.4 percent to $138.38 in pre-market trading.<\/p>\n

AFP<\/p>\n","protected":false},"excerpt":{"rendered":"

Boeing announced sweeping cost-cutting measures Wednesday after reporting a first-quarter loss of $641 million following the hit to the airline business from the coronavirus pandemic. 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