Boeing Cuts 16,000 Jobs In Plans To Survive Coronavirus Crisis
April 30, 2020
1,317
7
1
0.61%
Search the Record
IndexedEvery word spoken in this episode is indexed. Type any phrase to jump straight to the moment it was said.
Type any word or phrase that may have been spoken. Click a result to seek the player to that exact moment.
Try a name, a topic, or a quoted line
Bloomberg News Episodes Around April 30, 2020
See what was published immediately before and after this episode.
1:17Now PlayingBoeing Cuts 16,000 Jobs In Plans To Survive Coronavirus Crisis
YouTube Description
as posted by the channelBoeing soared after executives outlined a road map to survive the worst downturn in aviation history, and assured investors that the company has the means to make it through. If all goes to plan, the aerospace titan will be generating cash again by next year.
The U.S. planemaker is shrinking its workforce by about 10%, or about 16,000 jobs, to conserve cash. Work will slow in its factories, with 787 Dreamliner output cut for a third time in successive quarters. Boeing expects to restart production of the grounded 737 Max this quarter at a gradual pace as key customers like Southwest Airlines Co. curb growth ambitions.
The unprecedented collapse in air travel spurred by the Covid-19 outbreak is forcing Boeing into a fight for its life as passenger totals plunge 95% in the U.S. alone. Addressing investors’ worst fears, Chief Executive Officer Dave Calhoun and Greg Smith, his top lieutenant, emphasized that the company has the balance-sheet strength and access to capital to withstand the pandemic and global recession.
The executives “gave confidence that they’re going to come out on the other side,” said Robert Spingarn, an analyst with Credit Suisse Group AG. “So, solvency isn’t an issue.”
The shares advanced 5.9% to $139 at the close in New York. Boeing has plunged 57% this year, the worst drop on the Dow Jones Industrial Average.
Subscribe to our YouTube channel
QUICKTAKE ON SOCIAL:
Follow QuickTake on Twitter: twitter.com/quicktake
Like QuickTake on Facebook: facebook.com/quicktake
Follow QuickTake on Instagram: instagram.com/quicktake
Subscribe to our newsletter
Email us at quicktakenews@gmail.com
QuickTake by Bloomberg is a global news network delivering up-to-the-minute analysis on the biggest news, trends and ideas for a new generation of leaders.
Links & Promotions
Guests & Subjects Covered
Sentinel Indexing in Progress
Metadata and chapters are available. Claim extraction for this episode is pending.
All video content is delivered via YouTube embedded players in accordance with the YouTube Terms of Service. Sentinel provides research tools that promote discovery and accountability across political media.