Boeing's 777X, its largest passenger plane, is delayed yet again. Flight-test problems and an ongoing strike pushed the timeline to 2026, costing billions.
Boeing will cut 17,000 jobs—10% of its global workforce—delay first deliveries of its 777X jet by a year and record $5 billion in losses in the third quarter, as the U.S. planemaker continues to spiral during a month-long strike.
Matthew Akers, Wells Fargo Securities analyst, and Richard Safran, Seaport Global Securities senior analyst, join CNBC's 'The Exchange' to discuss Boeing's third quarter losses, their outlook the stock, and more.
Boeing (BA) has released its preliminary third quarter earnings results, projecting a larger-than-expected loss. The aerospace giant also announced plans to cut approximately 17,000 jobs, representing 10% of its workforce.
The Boeing Company BA announced plans to reduce its headcount, following the stock breaking below a key support level. As traders and investors who created the support with their buy orders have either completed their transactions or withdrawn, Boeing's stock is showing signs of further downward pressure.
The world's largest manufacturer of airplanes, The Boeing Co. NYSE: BA, can't seem to catch a break; following Murphy's Law, everything that can go wrong did. In Boeing's case, trouble with the Federal Aviation Administration (FAA) concerning safety compliance and production issues, financial issues threatening a rating agency downgrade, swelling debt of nearly $60 billion and strike negotiations with its 33,000 machinists hitting a dead end.
Boeing (BA) shares fell in early trading Monday after the troubled plane maker announced a slew of cost-cutting measures and billions of dollars of upcoming charges, among the most radical measures by CEO Kelly Ortberg, who took the reins in August.
Boeing's CEO Kelly Ortberg was already taking the top job during a difficult year for Boeing. Now, he said the company plans to cut 10% of its workforce in "the coming months.
Ken Herbert, RBC Capital aerospace and defense analyst, joins 'Squawk box' to discuss the challenges facing Boeing, impact of the machinists strike on the company, state of the aerospace and defense sector at large, competition with Airbus, and more.
Boeing faces a crucial test with employees, customers and investors after announcing 10% job cuts and $5 billion in charges as a crippling machinists strike enters a fifth week.
BA recorded a year-over-year increase of 10.5% and 21.4% in commercial and defense shipments, respectively, in the third quarter of 2024.
Winning contracts is great, collecting revenue is even better. Best of all, though, is being able to earn a profit on that revenue.