Boeing shares fall steadily after posting a loss for Q1
The company also said that it would pause the production of the 777X through 2023 due to a fresh delay in its entry into service after certification problems and weak demand, with $1.5 billion in abnormal costs that would reflect in the second quarter
• Boeing’s revenue fell to $13.99 billion from $15.22 billion
Shares of Boeing Co (NYSE: BA) fell 12% to $147 during early trading hours after the company reported a quarterly loss and lower revenue than estimated. This was due to rising costs on both commercial and defense aircraft and charges related to the war in Ukraine.
The company also said that it would pause the production of the 777X through 2023 due to a fresh delay in its entry into service after certification problems and weak demand, with $1.5 billion in abnormal costs that would reflect in the second quarter.
In addition to these bills, the company also disclosed more than $1.2 billion in charges due to supplier costs and technical problems on its Air Force One presidential plane, trainer jet, and the war in Ukraine.
