Boeing Faces Record Loss Amid Machinists Strike

Boeing is on track to announce its largest quarterly loss in four years after a tumultuous period marked by a significant work stoppage by the International Association of Machinists and Aerospace Workers (IAM). The company reported a $6.1 billion loss for the third quarter, largely due to a strike that has halted production of key aircraft, costing Boeing an estimated $1 billion per month. Newly appointed CEO Kelly Ortberg is under pressure to restore Boeing's reputation and improve safety protocols following regulatory scrutiny after a near-catastrophe involving a 737 MAX. As 33,000 workers prepare to vote on a new contract that proposes a 35% pay raise over four years, analysts remain hopeful for a resolution to the strike. Boeing's financial struggles are compounded by a previous lack of profitability since 2018 and ongoing production delays. The outcome of the contract vote and Ortberg's strategic vision will be pivotal for Boeing's recovery.