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

CNN ^ | 28 October 2019 | Chris isidore

[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

[cherry]

I just remember several yrs ago the state of Washington gave Boeing another nice tax reduction/exemption/etc on the backs of all the other working, paying stiffs in the state, not making Boeing wages....

of course as soon as that was settled, the Boeing workers got at least $5000 bonuses...

[wildcard_redneck]

”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.

My bad. Boeing is doing even worse by using H-1B subcontracting firms to hide what they are doing and making unsafe aircraft by doing so:

“The Max software — plagued by issues that could keep the planes grounded months longer after U.S. regulators this week revealed a new flaw — was developed at a time Boeing was laying off experienced engineers and pressing suppliers to cut costs.

Increasingly, the iconic American planemaker and its subcontractors have relied on temporary workers making as little as $9 an hour to develop and test software, often from countries lacking a deep background in aerospace — notably India.

In offices across from Seattle’s Boeing Field, recent college graduates employed by the Indian software developer HCL Technologies Ltd. occupied several rows of desks, said Mark Rabin, a former Boeing software engineer who worked in a flight-test group that supported the Max.”

source: Report: Boeing Outsourced American Jobs to $9-an-Hour Foreign Workers -Breitbart.com

Work for the Chamber of Commerce much?