pThe US planemaker recorded US$5 billion (S$6.52 billion) in losses in the third quarter./p
ARLINGTON COUNTY - Boeing will cut 17,000 jobs, delay first deliveries of its 777X jet by a year and record US$5 billion in losses in the third quarter, as the US planemaker continues to spiral during a month-long strike.
Mr Thomas Hayes, equity manager at Great Hill Capital, said by e-mail that the layoffs could put pressure on employees to end the strike. Boeing, which reports third-quarter earnings on Oct 23, said in a separate release it now expects revenue of US$17.8 billion, a loss per share of US$9.97, and a better-than-expected negative operating cash flow of US$1.3 billion.
Mr Ortberg also said Boeing has notified customers that it now expects first delivery of its 777X in 2026 due to challenges in development, the flight-test pause and the work stoppage. Boeing had already faced issues with certification of the 777X that had significantly delayed the plane’s launch. The company said in light of the job cuts it would end a furlough program for salaried employees announced in September.
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