Airbus, the European aerospace giant, has announced plans to cut 477 jobs in the UK as part of a global restructuring effort following a 22% drop in profits. The job reductions are part of a broader plan to reduce over 2,000 positions worldwide, with the company citing increased costs and supply chain bottlenecks as significant challenges.
Airbus reported a 7% increase in sales to £44.5 billion ($54.6 billion) in the nine months to 30 October. However, its profits fell by 22% to £1.8 billion ($2.2 billion) during the same period. According to Airbus, rising costs have squeezed its already thin profit margins, with the company admitting it is struggling to meet the growing demand for its aircraft due to supply chain disruptions. A spokesperson for Airbus stated, "We have more demand than the ability to supply and are working to address bottlenecks in our operations."
