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Boeing reports $2.4 bn loss in Q2 over 737 Max grounding, Covid-19 pandemic

The International Air Transport Association cited the inability of the United States and developing countries to contain the coronavirus

Boeing to freeze hiring, overtime due to 737 MAX, virus impacts
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So far this year, Boeing deliveries of new airliners a critical source of cash for the Chicago company are down 71%

AP | PTI New York
Boeing is reporting a $2.4 billion loss for the second quarter due to the grounding of its 737 Max jet and the coronavirus pandemic, which is expected to depress airline travel even longer than previously expected.

The company said Wednesday that revenue fell 25 per cent, which is worse than analysts had expected.

The reality is the pandemic's impact on the aviation sector continues to be severe," CEO David Calhoun said.

This pressure on our commercial customers means they are delaying jet purchases, slowing deliveries, deferring elective maintenance, retiring older aircraft and reducing spend all of which affects our business

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First Published: Jul 29 2020 | 7:48 PM IST

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