Boeing announces new plan to cut 30,000 jobs as it reports £374m loss

Boeing will cut more jobs as it continues to lose money

Boeing will cut more jobs as it continues to lose money and revenue during a pandemic that has smothered demand for new planes.

The plane maker expects to cut its workforce to about 130,000 staff by the end of next year, down 30,000 from the start of this year. That is far deeper than the 19,000 reduction that the company announced three months ago.

Boeing updated its jobs plan on the same day it reported a £374 million loss for the third quarter, a swing from the £905 million profit it earned in the same period last year.

The loss was narrower than analysts expected, however. Revenue tumbled 29 per cent to £10.9 billion. The company recently lowered its forecast of demand for new planes over the next decade by 11 per cent. Some analysts think even that scaled back forecast is too positive. Boeing failed to record a single order for a new jetliner in September. In the first nine months of the year, it has delivered only 98 planes, compared with 301 during the same stretch of 2019.