Boeing Posts Bigger Loss Amid Struggles, Appoints New CEO

Boeing reported a significant net loss of $1.44 billion for the second quarter, a stark increase from last year's $149 million loss. The financial strain is exacerbated by the struggles of its Defense, Space, and Security unit, which has faced billions in losses due to cost overruns on fixed-price contracts. These contracts, vulnerable to inflationary pressures, have led Boeing to pivot away from them to reduce future losses.