Boeing to cut 17,000 jobs and delay 777X jet as revenues fall short

Boeing is facing financial troubles, cutting 17,000 jobs and delaying the first delivery of its 777X jet due to deepening losses and a strike by its largest labour union. The company’s debt rating was warned of a possible downgrade, with analysts expecting Boeing to raise at least $10bn in new equity. CEO Kelly Ortberg announced the job cuts, with losses totalling nearly $10 per share in the third quarter, reflecting charges on commercial and defence divisions, as well as impacts related to the strike.

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