Posted on 10/28/2020 1:33:36 PM PDT by Cronos
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 the year, 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.
"The global pandemic continued to add pressure to our business this quarter, and we're aligning to this new reality," CEO Dave Calhoun said on the earnings call. Calhoun predicted that global air traffic will not return to 2019 levels for at least three more years, and it will take several years for it to catch up with the growth levels that had been forecast before the pandemic. The pandemic's impact on aircraft sales will last for many years to come, he said, adding that Boeing's 10-year commercial airplane market outlook is approximately 11% lower than what was assumed a year ago
(Excerpt) Read more at edition.cnn.com ...
Lockdown loving CNN is excited.
Doubt they ever recovered from the 737max debacle.
How much of this is a result of problems with the 737?
Sounds like it ain’t Boeing and you ain’t going.
Trump pandemic again,?
They got the memo to announce today, but no closer to the election.
Airlines need to buy planes. Airline flt attendants union endorsed Biden....so there ya go.
We needed a stimulus bill before the election.
Not nearly as much as the pandemic which has caused MANY airlines to delay or cancel orders. Besides, there is no reason Boeing can’t produce earlier models without the known problems. And since the problem is known, Boeing has bound to come up with a solution and plenty of time for pilot training should the problem crop up again.
And there is no way the Rats will allow it.
Boeing shouldn’t have hired all of those cheap H-1b foreign visa worked because everything they produce is for sh!t. There is a reason why India is still an open sewer. Boeing saved a penny on the labor and lost a million on lost business and lawsuits. Boeing management needs to be canned.
If you have planes parked why would you ever consider buying new planes.
Lots of people are also saying that they will never fly on a 737 Max regardless of what the FFA says about Boeing’s fixes for the plane.
The flying public has lost faith with Boeing and the FFA.
And I personally will never fly again if I am required to wear a mask for the entire flight.
>>We needed a stimulus bill before the election.<<
We need to open the country back up. Stimulus money puts that day off, and allows lockdowns to continue.
the airplane-scrapping business is booming
Worked there in engineering (as a contractor) for them in the 2003 time frame. In my estimation, they lost their drive. Went on in 2012 with a lot of ex Boeing guys that did some good stuff for other companies. Sad. I hope they get their mojo back.
[Lots of people are also saying that they will never fly on a 737 Max regardless of what the FFA says about Boeing’s fixes for the plane.]
I just looked for Southwest using them. I don’t know if they’re all grounded until December. I saw a reference that seemed to indicate such.
“Southwest says not scheduling the Boeing 737 MAX until mid-December”
“Southwest still has 100 aircraft in storage, including 34 MAX aircraft, it said in its quarterly results release, after it parked 400 planes in April as the pandemic brought the industry to a near halt.”
That’s from Rooters, so...
*indicating Southwest grounded theirs, that is
*indicating Southwest grounded theirs, that is
See my remark below. Cheers!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.