Boeing posts first loss in 2 decades, 737 Max costs double

The company lost $1B in the fourth quarter

(AP) - Boeing is posting its first annual loss in more than two decades and said the costs related to the grounding of its best-selling plane have doubled to more than $18 billion.

Production of the 737 Max was suspended after two crashes that killed 346 people.

Boeing said Wednesday that it lost $1 billion in the fourth quarter, and revenue is down 37% from a year ago.

The company lost $636 million last year, its first full-year loss since 1997.

New CEO David Calhoun is criticizing the company’s former leadership for not disclosing embarrassing internal communications sooner.

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