Boeing reports first profit in two years
An increase in global vaccinations and the resurgence of travel bookings catalysed Boeing's 737 MAX sales.
On June 30, 2021, Boeing's net operating profit was $755 million for the second quarter, following a $3.32 billion loss in 2020.
According to IBES data from Refinitiv, analysts expected Boeing to report a quarterly loss of $454.8 million. To their surprise, revenue increased to 44%, worth about $17 billion, as Boeing revealed on July 28, 2021.
Boeing indicates that the 737 MAX is integral to its financial recovery.
The American planemaker is presently building 16 737 MAX's per month and expects to lift an output level to 31 per month by early 2022.
Earlier in 2021, the company was planning to cut down almost 130,000 jobs by the end of the year. Now, Chief Executive Officer of Boeing, David Calhoun said that the company plans to keep around 140,000 employees.
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