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Covid-19: Boeing cuts 10% of workforce as air travel stalls

| Apr 30, 2020, 12:24:17 PM | AP
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Boeing is cutting about 10% of its work force and slowing production of planes to deal with a downturn in business that started with the grounding of its best-selling jet and has accelerated because of the coronavirus pandemic. Boeing Co. said Wednesday it has started to shrink through attrition, paying people to leave, and "layoffs as necessary." The company began the year with about 161,000 employees. Boeing 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. The job cuts will be deepest — more than 15% — in the large division that makes airline jets. Deliveries of those planes have plummeted by two-thirds in 2020, compared with a year earlier. Boeing's defense and space unit will likely see the fewest jobs eliminated.

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