Share prices of two of the world’s largest Boeing aircraft makers, Boeing Co. and United Technologies Corp., plunged Wednesday after the aerospace giant reported that its second-quarter results fell short of expectations.
The drop was the biggest since mid-March, when United Technologies posted a quarterly loss of $7.9 billion.
Analysts polled by Bloomberg had expected earnings of $8.17 a share.
United Technologies shares were down 6.8% in early trading, while Boeing shares fell 8.5%.
The shares had been trading near $89.70 in early afternoon trading, down 2.2% in their first trading session since the release of Boeing’s quarterly results.
The Boeing Corp. shares have lost about 50% of their value since April 2017, when the company announced it was shutting down the first-of-its-kind 737 MAX family jetliner line after the government canceled orders for up to 3,000 aircraft.
Boeing also reported a loss of more than $1 billion in the quarter.
Shares of United Technologies were down 4.7% in late afternoon trading.