Boeing to cut 17,000 jobs as losses worsen amidst factory strike.

• Approximately 170,000 employees at Boeing may face job cuts, which amounts to around 10% of the company's workforce.
• The machinists' union and the company are experiencing increasing tension as the factory strike has been ongoing for nearly a month.

The company plans to cut approximately 17,000 employees, or 10% of its workforce, as its losses continue to rise and a machinist strike that has halted production at its aircraft factories enters its fifth week.

Boeing anticipates reporting a loss of $9.97 per share in the third quarter, as stated in a surprise announcement on Friday. The company made charges in both its commercial airplane division and defense business.

The manufacturer has announced that it will not deliver its uncertified 777X wide-body plane until 2026, six years behind schedule, and will cease production of commercial 767s in 2027, as stated by CEO Kelly Ortberg in a staff memo on Friday afternoon.

"Our business is facing significant challenges, and we must make tough decisions to restore our company's competitiveness and deliver for our customers in the long term."

Since taking over as CEO, Ortberg has made the most significant changes by implementing job and cost cuts.

Boeing's labor strike has been the biggest challenge yet for Ortberg, who was tasked with restoring the company after safety and manufacturing crises. Credit ratings agencies have warned that Boeing is at risk of losing its investment-grade rating, and the company has been burning through cash in what was supposed to be a turnaround year.

Boeing is losing more than $1 billion a month from the strike, which began Sept. 13 and has resulted in rising tensions between the manufacturer and the union.

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