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Boeing to cut 10% of work force as 1Q revenue, profit slide

Boeing to cut 10% of work force as 1Q revenue, profit slide
Posted at 1:54 PM, Apr 30, 2020
and last updated 2020-04-30 13:54:08-04

Boeing says it will cut about 10% of its workforce and slow production of planes as it deals with the coronavirus pandemic and ongoing grounding of its best-selling jet.

With air travel falling sharply because of the virus, airlines have delayed orders and deliveries of new planes, reducing Boeing's revenue.

The company announced the job cuts as it reported a loss of $641 million in the first quarter.

It earned $2.15 billion in the same period last year. Revenue fell 26% to $16.91 billion.

Boeing says jobs will be eliminated through a combination of voluntary exits and layoffs.

They will be deepest in the division that makes airline jets, and less severe in the company's defense and space unit. 

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