Boeing makes deeper job cuts as aircraft business slows

Boeing will cut more jobs as it continues to bleed money and lose revenue during a pandemic that has smothered demand for new airline planes.

The company said Wednesday that it expects to cut its workforce to about 130,000 employees by the end of next year, down 30,000 from the start of this year.

That is far deeper than the 19,000 reduction that the company announced three months ago.

Boeing Co. Updated its jobs plan on the same day it reported a USD 449 million loss for the third quarter, a swing from the USD 1.17 billion it earned in the same period last year. The loss was narrower than analysts expected, however.

Revenue tumbled 29 per cent to USD 14.14 billion.