Boeing announces massive job cuts and delay in 777X delivery.

The US aircraft manufacturer Boeing finds itself compelled to cut around 17,000 jobs and delay the first delivery of its 777X jet in order to address increasing financial difficulties. These drastic measures were announced on Friday by CEO Kelly Ortberg in a letter to employees. Boeing must readjust its workforce level through these cuts, affecting ten percent of the staff, to align with the financial conditions and changed priorities, according to Ortberg. Both executives and employees at all levels are affected. In addition to the job cuts, Ortberg announced that the 777X jet, originally slated to enter commercial service in 2020, will now be delivered in 2026. In a separate statement, Boeing warned investors about the impact of a skilled worker strike and upcoming quarterly figures. With an expected revenue of $17.8 billion for the current quarter, Boeing falls short of analysts' expectations. The company also plans to account for pre-tax charges of $5 billion in the third quarter, including $3 billion solely for the 777X and 767 programs, and $2 billion in defense, space, and security sectors. The announcement of these developments led to a decline in Boeing's shares by about 2.5 percent in after-hours trading.