Boeing Co (NYSE: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.

Why It Matters: The revenue miss comes amid broader challenges for Boeing, 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 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.