Boeing reports its 1st annual loss in more than 20 years


Boeing estimates the cost of grounding the 737 Max jet will be far higher than previously thought as it reports its first annual loss in over 20 years.
The company on Wednesday announced a net loss of $636 million in 2019, which CNN reports is its first annual loss since 1997. This comes as the 737 Max jets remain grounded following two crashes that left more than 300 people dead.
Boeing now says the costs associated with grounding the 737 Max are expected to exceed $18 billion, which The Associated Press reports is double what was previously estimated and The New York Times writes is equal to "nearly 20 percent of Boeing's annual sales before the Max was grounded."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
After halting production of the 737 Max last month, Boeing recently said it didn't expect the planes to receive approval to fly again until June or July. David Calhoun, who took over as Boeing CEO earlier this month, noted in a statement, "We recognize we have a lot of work to do."
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Brendan worked as a culture writer at The Week from 2018 to 2023, covering the entertainment industry, including film reviews, television recaps, awards season, the box office, major movie franchises and Hollywood gossip. He has written about film and television for outlets including Bloody Disgusting, Showbiz Cheat Sheet, Heavy and The Celebrity Cafe.
-
The First Homosexuals: The Birth of a New Identity, 1869–1939
Feature Wrightwood 659, Chicago, through Aug. 2
-
Why the FDA wants to restrict kratom-related products
In the Spotlight The compound is currently sold across the United States
-
Israeli NGOs have started referring to Gaza as a 'genocide' — will it matter?
TODAY'S BIG QUESTION For the first time since fighting began in 2023, two Israeli rights groups have described their country's actions in the Gaza Strip as 'genocide' while famine threatens the blockaded Palestinian territory
-
Samsung to make Tesla chips in $16.5B deal
Speed Read Tesla has signed a deal to get its next-generation chips from Samsung
-
FCC greenlights $8B Paramount-Skydance merger
Speed Read The Federal Communications Commission will allow Paramount to merge with the Hollywood studio Skydance
-
Tesla reports plummeting profits
Speed Read The company may soon face more problems with the expiration of federal electric vehicle tax credits
-
Dollar faces historic slump as stocks hit new high
Speed Read While stocks have recovered post-Trump tariffs, the dollar has weakened more than 10% this year
-
Economists fear US inflation data less reliable
speed read The Labor Department is collecting less data for its consumer price index due to staffing shortages
-
Crypto firm Coinbase hacked, faces SEC scrutiny
Speed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
-
Starbucks baristas strike over dress code
speed read The new uniform 'puts the burden on baristas' to buy new clothes, said a Starbucks Workers United union delegate
-
Warren Buffet announces surprise retirement
speed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement