A Fourth Estate® Service

Wednesday, January 20, 2021

Boeing to Lay Off another 7,000 Employees amid Persistent Revenue Plunge

Boeing Co. announced on Wednesday about its plans to lay off another 7,000 workers as the aircraft maker attempts to tackle its mounting losses amid the persevering pandemic crisis.

Boeing Co. announced on Wednesday about its plans to lay off another 7,000 workers as the aircraft maker attempts to tackle its mounting losses amid the persevering pandemic crisis.

Earlier this year, the company had already said that it would cut 19,000 jobs from its total workforce.

With the prolonged grounding of the planemaker’s 737 Max jetliner and the unprecedented plunge in the air travel and jetliner sales of the company, it would cut about 19% of its pre-pandemic workforce.

Boeing also expects to be down with about 130,000 workers after cutting 7,000 jobs by the end of 2021.

“The global pandemic continued to add pressure to our business this quarter,” Boeing CEO Dave Calhoun said in a statement. “We’re aligning to this new reality by closely managing our liquidity and transforming our enterprise to be sharper, more resilient and more sustainable for the long term.”

The job cuts came as the U.S. aerospace giant reported a third-quarter loss of $466 million on Wednesday. Boeing’s revenue plunged 29%, or $5.8 billion, during the most recent quarter.

Airlines around the world have been halting plane deliveries and cancelling orders due to the severe decline in air travel demand caused by the pandemic outbreak.

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