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Boeing Faces $1bn Monthly Losses In 2024 Amid Crisis

Boeing reported a staggering loss of $11.8 billion in 2024, nearly a billion dollars each month, marking its worst financial performance since 2020. The company’s struggles were driven by a combination of safety crises, quality control issues, and a damaging strike.

The final quarter of the year, impacted by industrial action, saw Boeing lose $3.8 billion. Alongside well-documented problems with its commercial aircraft division, the company also faced setbacks in its defense programs. CEO Kelly Ortberg acknowledged the need for “fundamental changes” to restore Boeing’s financial health and rebuild trust.

A key blow came in January 2024 when a door panel fell off a new 737 Max shortly after take-off, highlighting serious quality control lapses. This incident, linked to both Boeing and its supplier Spirit Aerosystems, reignited safety concerns following the 2018-2019 737 Max crashes that killed 346 people. As a result, regulators demanded major changes to Boeing’s production processes.

Boeing’s challenges were compounded by a seven-week strike in September, which halted production of critical aircraft models, including the 737 Max, 777, and 767 freighter. The strike cost Boeing billions and was settled in November, but its impact lingered.

In response, Boeing laid off 10% of its workforce and raised over $20 billion through share sales and borrowing to safeguard its credit rating. The company also pushed back the launch of the 777X, now slated to enter service in 2026 instead of 2025.

While Boeing delivered 348 commercial aircraft in 2024, its competitor Airbus delivered 766. Boeing’s defense business also underperformed, losing more than $5 billion due to rising costs on fixed-price military contracts.

Ortberg remains focused on stabilizing Boeing’s operations and improving safety and quality, to restore the company’s performance and regain trust from customers, employees, suppliers, and investors.

TikTok Returns To US App Stores 

TikTok is once again available for download in the Apple and Google app stores in the US, following a delay in the enforcement of its ban by former President Donald Trump. The ban’s postponement until April 5 gives the administration additional time to evaluate the situation.

Key Developments

The decision to restore TikTok access came after Google and Apple received reassurances from the Trump administration that they would not face legal consequences for reinstating the Chinese-owned app. According to Bloomberg, US Attorney General Pam Bondi sent a letter outlining these guarantees.

In an executive order signed on January 20, Trump instructed the attorney general not to take enforcement action for 75 days, providing time for his administration to determine how to proceed.

Uncertain Future For TikTok In The US

While TikTok is back on the US app stores, its long-term survival remains uncertain. If no deal is reached by early April to address national security concerns, the app may face another shutdown. ByteDance, the parent company, has insisted that TikTok is not for sale.

Legislation And Pressure On ByteDance

The Protecting Americans from Foreign Enemy-Controlled Apps Act, which passed with bipartisan support in Congress, mandates a nationwide ban on TikTok unless ByteDance sells its US operations. This law was signed by President Joe Biden in April of last year.

In late January, the app was briefly removed from US stores following the ban’s activation, impacting over 170 million American users. However, TikTok was restored soon after, following Trump’s intervention in his first hours as president. During that time, he signed an executive order allowing 75 days for a deal that would safeguard national security. Trump also suggested that the US could take a 50% stake in TikTok, a move he believed would keep the app “in good hands.”

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