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Boeing makes a $2.4bn loss and warns of more job cuts

by LLB staff reporter

Boeing has been hit with second quarter losses of $2.4bn due to the pandemic and has warned that there could be further job losses on the horizon.

The aerospace giant warned in May that they will cut around 10% of their workforce as they cut back on production volumes due to the volatility in the sector caused by the pandemic.

Boeing said that there will be slower production of the 737 with a new target of just 31 planes made per month by 2022.

Employees received a letter from the chief executive Dave Calhoun who said the impact of coronavirus had caused “further reductions in our production rates and lower demand for commercial services, meaning we’ll have to further assess the size of our workforce.”

Calhoun added, “This is difficult news, and I know it adds uncertainty during an already challenging time. We will try to limit the impact on our people as much as possible going forward.”

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