US aircraft giant Boeing Co. made huge financial losses. The company's net loss increased twice at the end of the first quarter and totaled a record $1.2 billion. Currently, Boeing’s shares are plummeting amid this shocking news.
The company’s management reported a net loss of $1.242 billion in the first quarter. It is twice as much as a year ago. GAAP loss per share is $2.06 versus $0.92 for January-March 2021. The core loss per share is $2.75 compared with analysts' expectations of $0.19. Boeing's quarterly revenue fell by 8% to $13.991 billion. The manufacturer's shares predictably collapsed after the publication of the quarterly report.
However, the company's executives remain optimistic despite the disappointing results. "While the first quarter of 2022 brought new challenges for our world, industry and business, I am proud of our team and the steady progress we're making towards our key commitments," Boeing President and CEO Dave Calhoun said in the release.
