Boeing Posts Loss, Announces 10,000 Job Cuts

By: AP
By: AP

PITTSBURGH (AP) _ Boeing reports a surprise fourth-quarter loss,
hurt by a labor strike that disrupted deliveries.

And the world's second-largest airplane maker Wednesday also announced job cuts totaling 10,000 and forecast 2009 earnings that
missed Wall Street expectations.

The news comes on top of waning demand for Boeing's commercial jets. Airlines are cutting spending and air travel has declined amid the global economic slowdown. Boeing recently said it plans to cut about 4,500 positions from its commercial aircraft business as a result of the worsening market conditions.

Wednesday Boeing executives said another 5,500 positions would be
cut through attrition and layoffs in other parts of the company,
including in its defense division.

In November, Boeing announced plans to lay off 800 of about 3,000 workers at its Wichita plant.

Boeing reported a fourth-quarter loss of $56 million, compared with profits of $1 billion a year earlier.

(Copyright 2009 by The Associated Press. All Rights Reserved.)


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