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4/29/2020, 3:19 PM (Source: TeleTrader)
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GE cut 700 jobs in Q1, aims to cut CapEx by 25%

General Electric Co. announced on Wednesday it cut 700 jobs in its power sector in the first quarter as a part of its cost-reducing measures.

The manufacturer reported the cuts during the Q1 earnings conference call, stating its plan was to cut capital expenditure by a quarter in 2020.

On an annual basis, the company's revenue fell 8% to $20.5 billion. The management said the decrease came as the result of the ongoing COVID-19 pandemic.

Baha Breaking News (BBN) / MD