The Strategist

Boeing finishes Q3 with $466M loss

10/29/2020 - 06:51

Boeing posted a net loss of USD 466 mln for Q3 2020, while a year earlier, the company received a profit of USD 1.3 bln.

This is the 4th quarter in a row with a loss for Boeing. At first, the firm’s lost revenues were explained by the suspension of the Boeing 737 MAX operations; later, the COVID-19 pandemic’s overall negative impact on the industry of the aviation played its role.

Revenue of Boeing fell by 29% to USD 14.1 bln in Q3 2020. Besides, David Calhoun, the firm’s CEO, announced additional layoffs among the company’s staff. 

Calhoun explained that by the end of 2021, Boeing will keep 130,000 employees; this is nearly 20 per cent less than the 160,000 employees the firm had when the novel coronavirus pandemic started. 

During the last quarter, the aircraft manufacturer delivered twice as less aircraft as in the same period in 2019 (28 vs .62). In the first 9 months of the current year, the decline was even greater, at 67%, to 98 items. 

Several days ago, the ADS Group came up with data on aircraft orders across the world for Q3 2020 - just 13 new commercial aircraft were ordered, and no aircraft were ordered in September.