Boeing will lay off another 7,000 workers as losses mount

[TomCADem]

Source: CNN

New York(CNN Business)Boeing announced it will cut an additional 7,000 jobs as its losses continue to mount following a plunge in revenue.

The aircraft maker had already announced was reducing staff by 19,000 jobs earlier this year, through a combination of voluntary and involuntary layoffs. It said Wednesday it expects to get down to about 130,000 jobs by the end of 2021, which would mean an additional 7,000 job cuts, in addition to the natural attrition at the company throughout the year. In August the company had warned employees there would be additional job cuts coming, as it offered a new round of buyouts.

Boeing did not immediately identify where the job cuts would occur. And it's not clear if this will be the end of the cuts.

The company posted a loss of $754 million, excluding special items, in the most recent quarter as revenue fell $5.8 billion, or 29%. Airlines have put the brakes on new plane deliveries and are canceling orders because of the sharp drop in air travel caused by the pandemic. Boeing gets most of its revenue from an aircraft sale at the time of delivery.


Read more: https://www.cnn.com/2020/10/28/investing/boeing-job-cuts-losses-earnings/index.html

[Sherman A1]

1. So much winning

I also saw something about them cutting back some real estate holdings.

[Fullduplexxx]

2. Boeing lays off 7k

[TomCADem]

8. It is Actually 26K Total from Boeing

If you include layoffs earlier in the pandemic.

[Indykatie]

3. This is Why The Stock Market Should Not Be Used as a Primary Metric to Assess the Economy n/t

[bucolic_frolic]

4. ZOOM enables us to go local

It's so much easier than the red eye and bed bugs

[yankee87]

5. Unemployment Numbers

This is why I don't believe any numbers put out by this regime. I just got a job after 6 months of looking. When I was looking before, it took me 2 to 4 weeks to get an offer. Now with these layoffs, more highly paid workers are going to start looking for GIG work and barely above minimum wage jobs. So glad Moscow Mitch went home after confirming SCOTUS bitch.

[EarthFirst]

7. Agreed.

My wife has her third interview in seven months tomorrow morning.

(Fingers crossed; third interview for this particular position she’s highly qualified for...)

My wife lost her job of twenty years; with it; our healthcare; retirement contributions; a twenty year salary and bonus structure; profit sharing; etc.

She’s starting from ground zero at 60% less salary & benefits at 42.

It’s extremely difficult out there to find work; regardless of what they say.

Congratulations in finding a new job!

[yankee87]

9. Good Luck

I hate when people say things like that make you stronger. That is BS. It has been devastating to my psyche and my finances, I'm 58 and just want to be able to work Io 64/65. If I did nothing else right, when my daughters were in university, I bought a repo house, a few minor issues, and payed in cash.(cheaper than renting a crappy apartment). I start next Monday, the 9th, and until I walk in, I have heartburn, worrying about the pandemic.
But still wishing your wife much love.

[keithbvadu2]

6. MAGAts, don't be afraid to brag 'the Trump economy'.