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Boeing to cut more jobs as fourth quarterly loss reported

Boeing to cut more jobs as fourth quarterly loss reported

Mubasher: Boeing Co will reduce its staff by an additional 7,000 jobs as the US plane maker reported its fourth straight quarterly loss due to the travel restrictions imposed by the coronavirus pandemic and the fall in sales due to the grounding of its 737 MAX, CNN reported on Wednesday.

The aircraft manufacturer recorded a loss of $754 million in the third quarter (Q3) of 2020, excluding special items, compared to losses of $3.3 billion in Q2-20 and $1.7 billion in Q1-20.

During the July-September period, the company's revenues declined by $5.8 billion, or 29%, to $14.14 billion.

Earlier in 2020, the company announced it would cut 19,000 jobs through of voluntary and involuntary layoffs.