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Boeing will lower hundreds of extra jobs by 2021 because it adapts to the long-term decline in demand for air journey

Grounded Boeing 737 MAX aircraft are seen on an aerial view parked at Boeing Field in Seattle, Washington on July 1, 2019.

Lindsey Wasson | Reuters

Boeing announced on Wednesday that it would cut thousands of additional jobs by the end of next year in an effort to cut the costs of the pandemic.

The company's earnings were above estimates, but the company is still struggling as viruses and a slump in air travel hurt demand for new aircraft.

The company reported results for the third quarter prior to market opening.

Here are the numbers:

Loss: $ 1.39 per share versus $ 2.52 per share expected based on consensus estimates by RefinitiveRevenue: Expected $ 14.1 billion versus $ 13.9 billion

According to FactSet, Boeing should also report negative free cash flow of $ 5.4 billion, slightly less than the negative $ 5.6 billion seen in the previous quarter.

The impact of the pandemic on air travel demand, which is still not halfway through last year, has exacerbated Boeing's crisis due to two fatal 737 Max crashes. The regulators are at the end of their review of the aircraft but have not yet approved them. This prevents Boeing from delivering them to customers, thereby affecting cash flow.

Boeing executives will announce their findings in detail by calling 10:30 am ET.

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