Boeing on Tuesday reported an annual loss of $11.83 billion, its largest since 2020, as it grappled with problems at its commercial and defense units and the fallout from a crippling strike by U.S. West Coast factory workers.

The loss demonstrates the challenges facing CEO Kelly Ortberg in turning around the planemaker as it cedes more ground to rival Airbus.

Boeing, the American multinational corporation that designs, manufactures, and sells airplanes, has reported its largest annual loss since 2020. The company's losses for the year stood at a staggering $11.83 billion.