Boeing Layoffs 2023: What to Know About the Latest BA Job Cuts

  • Boeing (BA) announced it will lay off 2,000 workers in finance and human resources.
  • Large employers are in “belt-tightening mode,” anticipating a recession.
  • Boeing was last profitable in 2018 but expects to make money by the end of this year.
Boeing layoffs - Boeing Layoffs 2023: What to Know About the Latest BA Job Cuts

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Boeing (NYSE:BA) said it will cut 2,000 “white-collar” jobs in its finance and human resources departments this year. BA stock responded by rising $1 per share overnight.

Boeing opened Feb. 7 at about $208 per share with a market capitalization of about $124 billion on $66.6 billion in revenue. The company was last profitable in 2018. Boeing lost about $5 billion, or $8.30 per share, in 2022.

The fourth-quarter loss, which missed estimates, was blamed on shortages of labor and supplies.

Flying Low

The layoffs are part of an ongoing trend of releasing office workers and technical staff as businesses anticipates a recession.

Bank of America says companies are now in “belt-tightening mode.” Employers announced more than 100,000 job cuts in January, according to Challenger, Gray & Christmas, which tracks employment, four times more than a year ago. Almost half the cuts were in technology. In Boeing’s case, about one-third of the work is being outsourced to Tata Consulting in India.

Boeing announced plans to move its headquarters from Chicago to Arlington, Virginia last year after leaving Seattle in 2001. While known as America’s largest maker of civilian airliners, it is now the third-largest military contractor in the U.S.

Boeing is now worth half what it was at its peak in early 2019 just before it grounded its entire fleet of the 737-MAX. Production of the MAX resumed in 2020, but 737-MAX flights only picked up again in China, once Boeing’s most important market, this month.

Boeing has 15 analysts following it, according to Tipranks, with 10 recommending investors buy the stock and five in the “hold” camp. None are presently advising a sell. The stock traded for as little as $121 last September but has been recovering since.

What Happens After Boeing Layoffs?

Most large military contractors are wildly profitable. Boeing should be in 2023. Boeing has also trailed rival Airbus S.E. (OTCMKTS:EADSY) in civilian deliveries for 4 years in a row.

Odds are the trends reverse this year. If they don’t, expect management to be shown the door.

On the date of publication, Dana Blankenhorn held no positions in any companies mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Dana Blankenhorn has been a financial and technology journalist since 1978. He is the author of Technology’s Big Bang: Yesterday, Today and Tomorrow with Moore’s Law, available at the Amazon Kindle store. Write him at, tweet him at @danablankenhorn, or subscribe to his Substack.

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