Boeing To Cut 16,000 Jobs After Massive Loss

Boeing announced it will cut about 16,000 jobs and scale back production after posting a massive first-quarter loss.

The company lost $1.7 billion from its core operations, a bit worse than Wall Street had expected.

Demand for air travel has evaporated during the coronavirus pandemic, prompting airlines to cancel and delay orders for new planes as Americans cancel their travel plans. And Boeing continues to reel from the 737 Max grounding.