Boeing stock price has sold off recently and is hovering near its lowest level since October 2022 as concerns about its business and the incoming Trump administration remain. It has crashed by 44% this year, bringing its market cap to over $107 billion.
Boeing begins layoffs as part of its plan to cut 10% of its workforce. BA stock was one of the few climbers in the Dow Jones Industrial Average.
Boeing last week notified 220 employees who assemble the 787 Dreamliner aircraft at a Charleston-based facility that they would be let go, according to a report.
Boeing workers across the U.S. are learning about a round of layoffs, with most workers impacted currently working in the state of Washington.
Boeing Co (NYSE:BA, ETR:BCO) has moved to lay off 2,500 staff in the US under plans for sweeping cuts unveiled last month. Almost 2,200 staff in Washington alone have been issued layoff notices, alongside a further 220 in South Carolina, with Boeing building commercial jets in the two states.
Spirit Airlines' complicated situation. Boeing requires long-term investment due to ongoing balance sheet repairs and credibility issues, despite a recent capital raise.
Several hundred engineers and production workers were among those who received pink slips last week.
Boeing is laying off nearly 2,200 workers in Washington State, a Worker Adjustment and Retraining Notification (WARN) showed on Monday.
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The Boeing Company NYSE: BA has had a tumultuous 2024 mired by regulatory issues, negative publicity, lay-offs, rising debt, stock dilution, and mounting losses capped off by a 33,000 worker machinists' union strike.
Boeing faced significant challenges in 2023, including the 737 MAX accident, Starliner issues, and a strike impacting production and deliveries. Despite a year-on-year decline, Boeing secured $5 billion in airplane orders in October, with continued demand for the 737 MAX and Chinese market deliveries. Boeing's deliveries hit a multi-year low due to the strike, with a 25% decline in units and 27% in value compared to last year.
Boeing Co (NYSE:BA, ETR:BCO) has notified 438 members of its professional aerospace labour union of impending layoffs, part of broader plans to cut about 17,000 jobs, or 10% of its workforce. The cuts come as the company addresses financial challenges, regulatory restrictions, and the fallout from an eight-week machinists' strike.