Boeing reported a massive loss of $6 billion in the third quarter, just hours before a labor vote on Wednesday. The company’s president and CEO, Kelly Ortberg, stated that it needs fundamental changes in its culture to return to the iconic brand it was for decades.
On Wednesday morning, the Arlington, Virginia, company reported revenue shortfall, massive losses, and cash burn for the quarter.
Revenue was $17.84 billion for the quarter, down from $18.104 billion a year ago.
Its net loss was $6.174 billion, compared with a $1.638 billion loss in the previous quarter. Generally accepted accounting principles (GAAP) losses were $9.97 per share, while free cash flow was negative $2 billion….