Boeing delays its newest jet as losses soar

By: CNN

Posted: Apr 27, 2022 7:56 AM CDT

Originally Published: 27 APR 22 08:26 ET

By Chris Isidore, CNN Business

(CNN) -- The bad news keeps piling up for Boeing. The company is delaying the debut of its newest passenger jet to 2025, and it reported a much bigger-than-expected quarterly loss.

The company Wednesday announced it would temporarily pause the start of production for its 777-9 passenger jet, the newest version of its 777X passenger plane. Demand for long-range and widebody passenger jets, a key to Boeing's commercial jet business, continues to be hurt by weak demand for international flights during the pandemic. Boeing will continue to build the freighter version of its 777 jet.

The company posted a core operating loss of $1.5 billion in the first quarter, much worse than the $353 million operating loss Boeing posted in the first quarter of 2021. Analysts surveyed by Refinitiv had forecast a core operating loss of just $399 million in the quarter.

Shares of Boeing, a component of the Dow Jones industrial average, fell about 4% in premarket trading.