Boeing reports big loss, hints at more job cuts – Gulf Today

  • Date: 29-Jul-2020
  • Source: Gulf Today
  • Sector:Transport
  • Country:Gulf
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Boeing reports big loss, hints at more job cuts – Gulf Today

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Revenues plunged 25 percent to $11.8 billion.

Chief Executive Dave Calhoun said the company would cut its plane production schedule and phase out production of the iconic 747, warning that the company "will have to further assess the size of our workforce" in a message to employees.

Boeing's commercial plane business has been battered by the hit from COVID-19.

The comment suggests deeper job cuts after Boeing said it would eliminate 10 percent of its staff earlier this year.

Calhoun said Boeing will ramp up its 737 production more slowly than under the previous plan.

The 737 MAX has been grounded since March 2019 following two fatal crashes, but Boeing resumed some activity on the plane in May after completely halting work for a few months.

The Boeing chief also lowered the output plans for the 777 and the 787 and said the company would cease production of the 747 in 2022.

"Our customer commitment does not end at delivery, and we'll continue to support 747 operations and sustainment well into the future," Calhoun said.

While Boeing's commercial plane business has been battered by the hit from COVID-19, it reported flat revenues from its defense and space business compared with the year-ago