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 ...
Stimulus money puts that day off,
Thats a lovely and lofty principle to stand on, but if Trump loses because there was no stimulus bill before the election, your lofty principles arent going to provide much comfort during the the long years of Democrat control that lie ahead
Yes, airline industry needs to get all their old rickety planes out of the air.
Peoples lives depend on it.
Also, once Trump wins, all this covid fear monger it will be over.
No one without serious preconditions (kidney disease, heart issues, lung issues) has died from covid in 6 months.
Once one has lost their mojonation,it’s very difficult to get back.
And there is no way the Rats will allow it.
Well never know because Mitch sent the Senate home till Nov 9 and took all pressure off Pelosi. Trump asked Mitch to push for a big stimulus with direct checks to the unemployed. Mitch said no and adjourned the Senate
Mitch got his judges, now he doesnt need Trump. Hes maneuvering to have Trump lose and the GOPe regroup back into power.
IMHO, we ain’t seen nothin’ yet.
The ripple effects of the lockdowns have yet to make the news, but I fear they soon will.
I am still very active in aerospace. Boeing layed off a large number of senior engineers/managers back when things were good thinking they didn’t need them. Mistake in my opinion. Most of those engineers/managers are now working with other high class companies doing good things.
[And there is no way the Rats will allow it.]
That’s correct. When you have Wolf Blizter calling out Democrat Nancy Pelosi blocking stimulus you know the Democrats are signaling they want the struggling portion of the American people to suffer even more.
Why anyone would vote Democrat is beyond me.
Nancy Pelosi was so obvious and so blatant in her obstruction.
Hello, voters?
737MAX would be a longer haul plane. Not much demand for that during COVID. I would imagine that the airlines would park them regardless.
Why anyone would vote Democrat is beyond me.
Because there are a lot of ignorant and dumb people out there as most socialists are defective in their thinking.
Would that apply if I have to go from the Midwest to Coddyfornia?
I’m guessing you’d say “Yes” - most of my hops (in the 1990’s) were 300-800 mile trips.
Yes? / No? TIA
——Why anyone would vote Democrat is beyond me.——
Free stuff
The union steward told me to
Trump is rich.
Republicans own stocks and stocks are evil for the working man
Yep
I saw someone the other day talking about the ABC companies of Seattle. They called Boeing the Lazy B. My sister worked there as a contractor for a time and she said the employees dont work.
Chisoc. From Eastasia.
Their mojo is not coming back. The boomers that haven’t been laid off are retiring (or will be soon) and while GenX might know what they’re doing, there aren’t enough of us to go around.
That leaves the millennials, and I’ll give some of them credit, I know a few who are decent, 80/20 for them is more like 95/5.
And after that, we’ll be wishing we had someone around who knew how to change a light bulb.
(I exaggerate, but that’s what it feels like here at lock-mart)
And after that, well be wishing we had someone around who knew how to change a light bulb.
—
teams of six per bulb ought to get them up and running again - you know, one to hold the bulb and 5 to turn the ladder
Heh
“All those h1bs”?
The Boeing Company, Jobs & Salary for Foreign Workers | myvisajobs.com
The Boeing Company has filed 94 labor condition applications for H1B visa and 4 labor certifications for green card from fiscal year 2017 to 2019. The Boeing Company was ranked 3178 among all visa sponsors.
That’s 94 out of an employee base over 20,000
“All those h1bs”?
The Boeing Company, Jobs & Salary for Foreign Workers | myvisajobs.com
The Boeing Company has filed 94 labor condition applications for H1B visa and 4 labor certifications for green card from fiscal year 2017 to 2019. The Boeing Company was ranked 3178 among all visa sponsors.
That’s 94 out of an employee base over 150,000
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