Boeing's Net Loss In Q2 2020 Fell To $2.39 Billion
The net loss of the American aerospace Corporation Boeing in the second quarter of this year was $2.39 billion compared to $2.94 billion for the same period last year, according to the Corporation's report published on Wednesday.
According to the report, Boeing's revenue for the reporting period was $11.807 billion, down 25% from $15.751 billion a year earlier. Operating losses reached $2.964 billion in the second quarter of this year, compared with $3.380 billion in the same period last year. At the same time, the portfolio of outstanding orders, including more than 4.5 thousand passenger aircraft, is $409 billion.
The management of Boeing States that the consequences of the coronavirus pandemic and the termination of operation of the Boeing 737 MAX series of aircraft continue to have a direct negative impact on the Corporation's activities. "We remain focused on protecting the health of our employees and consumers while trying to navigate the unprecedented impact of the COVID-19 pandemic," said CEO David Calhoun.
Experts referred to by CNBC had expected more positive results. The Corporation's stock price on the New York stock exchange on Wednesday fell by $0.16 (0.094%), reaching $170.81.
The operation of the Boeing 737 MAX aircraft was suspended after two accidents. On March 10, an Ethiopian Airlines Boeing 737 MAX 8 crashed in Ethiopia, killing 157 people. On October 29, 2018, 189 people were killed in the crash of a similar model of Lion Air in Indonesia.
The management of the Boeing company admitted that in both cases, on Board the aircraft before they crashed, there was a failure in the maneuverability improvement system (Maneuvering Characteristics Augmentation System, MCAS). After that, many countries, including Russia, the United States, and the European Union, suspended the operation of this series of aircraft for security reasons. American Airlines and many other carriers have said they will temporarily not use the planes.