Boeing reports $449mn 3Q loss, will cut 7,000 more jobs

Boeing reports $449 million 3Q loss, will cut 7,000 more jobs

Boeing reported a third-quarter loss of $449 million, compared with profits of $1.2 billion in the year-ago period

Representative image/Credit: AFP Photo

Pressured by another quarterly loss, Boeing announced Wednesday additional staff downsizing as it adapts to a prolonged downturn in the aviation industry.

The planemaker, which has been in belt-tightening mode throughout 2020, plans about another 7,000 more jobs cuts through the end of 2021. Headcount at that time will be around 130,000, down from 160,000 in January of this year.

Boeing reported a third-quarter loss of $449 million, compared with profits of $1.2 billion in the year-ago period. The company did not announce additional reductions in commercial plane production.