Manufacturer to book $5 billion in charges on troubled programs and warns of deeper quarterly loss amid machinists strike

Boeing will delay the launch of the 777X to 2026. Boeing will cut 10% of its global workforce, or roughly 17,000 jobs, and warned of deeper losses in its operations as a machinist strike compounds problems brewing at the jet maker for years.

Along with the job cuts, the manufacturing giant said it would further delay the launch of a new airplane, the 777X, that is already years behind schedule. It will also discontinue the 767 cargo plane. 

Boeing will book $3 billion of pretax charges tied to the two jet programs and another $2 billion in write-offs tied to several troubled programs in its defense unit. The charges will result in a quarterly net loss of roughly $6 billion.

Excerpt from WSJ
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