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After Losing $1 Billion, Boeing Cancels Connexion
Filed in archive Wi-Fi by jeff goldman on August 17, 2006
After Losing $1 Billion, Boeing Cancels Connexion

Wi-Fi Planet's Eric Griffith reports that Boeing is shutting down its in-flight Wi-Fi service, Connexion by Boeing, after losing $1 billion in the development of the service.


"The company will take a $320 million charge for writing off the shutdown," Griffith writes. "It's a pre-tax charge of 25 cents per share for the rest of the year, but the closure could lift company earnings by 15 cents a share in 2007."


"Regrettably, the market for this service has not materialized as had been expected," says Boeing chairman and CEO Jim McNerney. "We believe this decision best balances the long-term interests of all parties with a stake in Connexion by Boeing."


The service is up and running on planes run by carriers including Singapore Airlines, Japan Airlines, All Nippon Airways, Lufthansa and El Al -- all of which will now be looking for a new provider.


Boeing's press release is here.




Permalink: After Losing $1 Billion, Boeing Cancels Connexion
Tags: Boeing  Connexion  WiFi  WiFi  wireless  inflight  Singapore  Airlines  Japan  Lufthansa  laptop  1  billion  air 
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