Boeing Co ( BA ) saw its shares fall by 3.01% in pre-market trading on Thursday following the release of its third-quarter financial results. The aerospace company reported a 1% decline in revenue compared to the previous year.

What Happened: As per Benzinga Pro, Boeing ( BA ) was trading at $152.33 at the time of writing after closing at $157.06 on Wednesday.

The company’s third-quarter revenue was $17.854 billion, which did not meet the street consensus estimate of $17.931 billion. Its adjusted loss per share widened to $10.44 from $3.62 in the same quarter last year, falling short of the consensus estimate of $10.34.

Boeing ( BA ) attributed the results to the ongoing strikes led by the International Association of Machinists and Aerospace Workers (IAM) and previously announced charges on commercial and defense programs.

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Why It Matters: The revenue miss comes amid broader challenges for Boeing ( BA ), including cultural and operational hurdles. CEO Kelly Ortberg has acknowledged these issues and pledged to transform the company. The Q3 results reflect the impact of a work stoppage by the International Association of Machinists and Aerospace Workers and previously announced charges on commercial and defense programs.

Additionally, Boeing ( BA ) is grappling with labor unrest. Machinists rejected a proposed labor deal, extending a strike that has halted much of the company’s Seattle-area production for over five weeks. This strike, Boeing’s first since 2008, adds to the company’s challenges, including a $6 billion quarterly loss and ongoing cash burn. CEO Ortberg has emphasized resolving the labor dispute as a priority.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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