Europe’s biggest aircraft manufacturer, Airbus, has been forced to announce the scrapping of its A380 superjumbo following lacklustre orders for the world’s largest jetliner.

The company has lost a hugely expensive gamble on the 544 seater airliner that boasts an 80-meter wingspan as potential clients opted instead for smaller, more nimble aircraft.

According to the Netherlands registered manufacturer, the last new A380 will land in 2021 after its largest existing customer, Dubai- based Emirates with 100 A380s, was forced to opt for smaller A350 and A330neos instead.

Airbus will now enter talks with unions over the 3,500 jobs potentially affected but investors were relieved to see the company stem losses. The shares gained almost 6% following the announcement last Wednesday.