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4/29, 1:30 PM (Source: TeleTrader)
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Boeing's revenues drop 26% to $16.9B in Q1

Boeing said its revenues dropped 26% year-on-year to $16.9 billion in the quarter ended March 31. The aircraft maker's GAAP loss from operations was $1.3 billion, as it dropped frmo earnings of $2.3 billion in the same quarter last year. Meanwhile, Boeing's loss per share was $1.11, which compares to earnings per share of $2.8 in the first quarter of 2019. The company also said its net loss was $641 million. The figure was at earnings of $2.1 billion a year ago.

Troubled by the coronavirus pandemic and its 737 MAX grounding, Boeing's commerical airplane deliveries in the first quarter of 2020 were at 50, falling from 149 in the first three months of 2020.

CEO David Calhoun stated: "The COVID-19 pandemic is affecting every aspect of our business, including airline customer demand, production continuity and supply chain stability." He added: "Air travel has always been resilient, our portfolio of products and technology is well positioned, and we are confident we will emerge from the crisis and thrive again as a leader of our industry." Boeing shares were up 2.86% in premarket trade at 7:37 am ET.

Breaking the News / VP