Boeing's revenue and profits plunge in Q3 as 737 MAX remains grounded

Boeing reported Wednesday that its third-quarter revenue fell 21% from a year earlier to $20 billion, and profits fell 51% to $1.17 billion, according to the Washington Post.

Why it matters: The company's sales have slowed as it waits for regulators to approve proposed software fixes for the 737 MAX, which is a mandatory step before the jet can return to service.

• Boeing said it assumes that regulators will approve the 737 MAX fixes by the end of the year, and airlines have said they plan to return the jet to service as soon as January.

Of note: CEO Dennis Muilenburg will testify before Congress on Oct. 29, the first anniversary of the first 737 MAX crash that killed 189 passengers in Indonesia. Another crash in Ethiopia in March killed 157.

• Muilenburg is expected to face questions about why the company did not give regulators 2016 text messages sent by the chief technical pilot for the 737 MAX revealing that he experienced an "egregious" issue with the plane's automated MCAS system.

Go deeper:

• Boeing exec exits as 737 MAX crisis continues
• Boeing pilot texted about "egregious" issue with 737 MAX in 2016