The Boeing Company announced on Wednesday that its revenue in the third quarter of 2022 observed an annual increase of 4% to reach $15.96 billion, failing market expectations. However, despite the rise in revenue, the company recorded a net loss of $3.31 billion, which represents a staggering worsening compared to a net loss of $132 million reported in the same trimester in 2021. The same trend occurred with diluted losses per share, which went from $0.19 per share noted in the third quarter last year to $5.49 per share seen in this one.
"[R]evenue and earnings were significantly impacted by losses on our fixed-price defense development programs. [...] We remain in a challenging environment and have more work ahead to drive stability, improve our performance and ensure we're consistently delivering on our commitments," Boeing President and Chief Executive Officer (CEO) Dave Calhoun said.
Following the release of the report, Boeing's shares declined by 0.30% in premarket trading.
