Boeing cuts 700 jobs, downsize to 5,400

Boeing is reducing its workforce by more than half and trimming the number of employees as it tries to improve its bottom line.

The Boeing Co. is cutting its workforce to 5.3,000 people from the previous figure of 7.2, according to the company’s annual report filed Wednesday.

The company is also reducing its operating expenses to $1.4 billion from $1 billion, the company said.

Boeing’s shares are down 2.8 percent since Tuesday.

The cuts will come as Boeing moves to make its aircraft more affordable and its products more attractive to customers.

The company has been struggling to attract customers in recent years as it faces a mounting debt burden and weak revenue growth.

In March, Boeing announced it would close or consolidate a dozen of its aircraft assembly plants in order to meet rising production costs.

The plants will be closed or converted to other facilities in 2019.