Boeing’s biggest loss ever

Wednesday - 24/07/2019 09:27
The logo for Boeing appears above a trading post on the floor of the New York Stock Exchange. Picture: APSource:AP
The logo for Boeing appears above a trading post on the floor of the New York Stock Exchange. Picture: APSource:AP
Boeing has suffered a massive financial loss since the aerospace giant’s 737 MAX jet was grounded, and the costs are still piling up.

Aerospace giant Boeing has suffered a huge financial loss since its flagship 737 MAX jet was grounded. 

The company reported a second-quarter loss of $US2.9 billion ($AU4.1 billion) on Wednesday, making it clear that the grounding of the jet following two deadly crashes that killed 346 people continues to weigh on the company.
 

A Boeing 737 MAX aeroplane is stored on an employee parking lot adjacent to Boeing Field in Seattle, Washington. Picture: AFP
A Boeing 737 MAX aeroplane is stored on an employee parking lot adjacent to Boeing Field in Seattle, Washington. Picture: AFPSource:AFP


The loss was the biggest ever in a single quarter for the company, which also pushed back the time frame for first flights of the 777X, a new long-haul plane under development.

“This is a defining moment for Boeing,” CEO Dennis Muilenburg said in a company press release.

Mr Muilenburg added the company was determined to safely return the grounded jet to full service.

More to come.

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