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Boeing announced sweeping cost cuts Monday, including a hiring freeze, a pause on nonessential staff travel and a reduction on supplier spending to preserve cash as it deals with a strike by more than 30,000 factory workers.
Boeing CFO Brian West said the labor strike that began just after midnight Friday will hurt aircraft deliveries and "jeopardize" the company's recovery, hours after factory workers overwhelmingly rejected a new labor contract and walked off the job.
More than 30,000 Boeing workers were set to strike Friday, halting production of most of the company's aircraft after staff rejected a new labor contract.
Boeing and the union that represents some 33,000 of its workers have struck a new labor deal, just days before a costly strike could have begun at the plane maker's main factories.
Boeing said Monday that it has paused flight tests of its 777X after it found damage in a structure of one of the wide-body aircraft.