Faced with ongoing strikes and cash flow shortages, Boeing announced on October 11th local time that it plans to lay off approximately 10% of its workforce, involving around 17000 employees. The CEO of the company, Ultraberg, stated in a memo to employees that the layoffs will include executives, managers, and regular employees, and will take place in the "coming months". As of the end of 2023, Boeing has a total of 171000 employees. Our business situation is difficult, and the challenges we face together cannot be emphasized too much, "Ultraberg said in the memo. He also announced that the delivery of the new Boeing 777X aircraft will be further delayed until 2026, and Boeing will cease production of the 767 freighter primarily used for transporting cargo before 2027.
On the same day, Boeing released its preliminary results for the third quarter, expecting a revenue of $17.8 billion and a loss of $9.97 per share. Operating cash outflow was $1.3 billion, and as of the end of the quarter, cash and securities investments amounted to $10.5 billion. Boeing will release complete data on October 23rd.