Boeing Posts Q4 Loss, Plans 10K Layoffs
Boeing targeting 10,000 job cuts
Reuters
Boeing reported an unexpected fourth-quarter loss on Wednesday and forecast 2009 earnings well below Wall Street estimates as it grapples with a dip in demand for its planes while airlines feel the pain of recession.
Expecting more plane order cancellations and uncertainty over the U.S. defense budget, Boeing Chief Executive Jim McNerney said he was targeting 10,000 job cuts this year, or about 6 percent of the company’s total.
That includes the 4,500 job cuts announced by its commercial plane unit earlier this month, with the balance coming from Boeing’s defense unit and corporate and support areas.
The plane maker, which is still struggling to recover from a two-month strike by its assembly workers last year, predicted a further dip in plane orders this year after handing back the title of biggest-selling plane maker to rival Airbus last year.
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Well, looks like I’m not getting that internship at Boeing this summer….