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
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Boeing outlined plans Wednesday to cut about 10% of its workforce, slow production of new planes and raise more cash to survive a downturn in business that started with the grounding of its best-selling jet and has accelerated with a deep slump in air travel caused by the coronavirus pandemic.
Executives said the job cuts would be accomplished through attrition, paying people to leave, and layoffs.
Boeing began the year with about 161,000 employees.
Shares of Boeing climbed nearly 10% in afternoon trading. They began the day down 60% so far this year, mirroring the plunge in airline stocks.
Boeing announced the moves as it reported a first-quarter loss of $641. It earned $2.15 billion in…
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