The crisis continues at Boeing, and the aircraft manufacturer announced Friday that it plans to lay off around 17,000 employees, or about 10% of its workforce as it faces a dismal third-quarter earnings report and ongoing damage from striking workers.
New Boeing CEO Kelly Ortberg shared the news in a letter to employees on Friday afternoon after the company shared its preliminary third-quarter financials, revealing it lost nearly $10 a share. The company expects to report revenue of $17.8 billion and an operating cash flow of $1.3 billion. Boeing said its cash and investments in marketable securities totaled $10.5 billion at the end of the quarter.
