Boeing posts £2.9bn loss on costs tied to defence programmes

Boeing reported a surprising 3.3 billion US dollar (£2.9 billion) loss for the third quarter (Richard Drew/AP)

Boeing reported a surprising 3.3 billion US dollar (£2.9 billion) loss for the third quarter on Wednesday, as revenue fell short of expectations and it took huge losses for fixed-cost government programmes including new Air Force One presidential jets.

The American multinational blamed higher manufacturing and supply chain costs for driving the losses in government programmes.