Boeing announced a net loss of $355 million in the first quarter of 2023, marking a significant decline from the same period last year. The company’s operating revenue also fell by 8% year over year, contributing to its financial struggles. The losses were attributed to ongoing safety concerns surrounding Boeing products and production issues with the 737 aircraft.
Aerospace giant Boeing suffered a significant cash burn in the first quarter of 2024, depleting its cash reserves by over $8 billion to a mere $7.5 billion. Despite reporting an $8% year-over-year revenue decline to $16.57 billion, Boeing’s defense, space, and security division managed to sustain an operating profit. However, the company’s commercial unit recorded a 31% revenue drop due to issues plaguing its 737 production line, leading to a loss of $1.13 per share.
