Boeing faces a crucial test with employees, customers and investors after announcing 10% job cuts and $5 billion in charges as a crippling machinists strike enters a fifth week.

Boeing Co. plans to slash its global workforce by about 10% and announced $5 billion in charges across its commercial airplanes and defense businesses, underscoring the depths of the planemaker’s financial woes amid a crippling labor strike.

Boeing plans to lay off about 10% of its workers in the coming months as it continues to lose money and tries to deal with a strike that is crippling production of the company’s best-selling airline planes.

Boeing will cut 17,000 jobs -- 10% of its global workforce -- delay first deliveries of its 777X jet by a year and record $5 billion in losses in the third quarter, as the U.S. planemaker continues to spiral during a month-long strike.

Boeing says the company will cut executives, managers and workers and the layoffs will delay the debut of some of its new planes.