Markets

Boeing is getting slammed

Read in app

Boeing shares fell 8% in early trading on Wednesday after the airplane manufacturer provided guidance for revenues that fell short of expectations. 

In its release, Boeing said it expects 2016 revenues to be between $93 billion and $95 billion, missing analysts' expectation for $97.3 billion.

The company reported a 6% jump in full-year 2015 revenues to $96.1 billion on the back of strong deliveries of commercial aircraft. 

Fourth-quarter adjusted earnings per share were $1.60 ($1.28 expected), and revenues totaled $23.53 billion (in line with expectations.)

Last week, Boeing announced that it would cut production on its 747-8 jets to match demand in the cargo market. The company recorded a $569 million charge in Q4 results.

Screen Shot 2016 01 27 at 9.48.53 AM
Google

Over the last 12 months, Boeing shares have dropped by about 11%.

Read next

Akin Oyedele's face on a gray background
Akin Oyedele
Akin edits flagship newsletters including First Trade and Tech Memo, as well as weekly topical roundups of Business Insider's coverage including Defense Flash. He also provides editorial support for the development and launch of new newsletters.    Prior to this role, he was a markets reporter for over a decade and edited Business Insider's investing coverage. He covered bonds and FX at Bloomberg before joining BI in 2014.