Boeing in free fall on Wall Street: will not meet delivery target this year

Boeing's stock is plunging on Wall Street after the company reported a larger-than-expected quarterly loss and announced it will not meet its target of delivering about 500 737 Max aircraft this year. The stock fell to a year-and-a-half low, wiping out about $15 billion in market value in a single day.

Boeing's stock is plunging on Wall Street today after the company reported a larger-than-expected quarterly loss and announced it will not meet its target of delivering about 500 737 Max aircraft this year. The stock fell to a year-and-a-half low, wiping out about $15 billion in market value in a single day. Revenue rose 4% and exceeded analyst expectations, but the loss was deeper than forecast. In a call with analysts, management said it needs more time to adjust its production system to a higher pace and refrained from providing a new delivery target. Despite a record order backlog of about $745 billion, including more than 6,300 aircraft, the company is struggling to produce and deliver them at the required rate. Boeing is still far from its pre-COVID peak levels.