Boeing Lost $1 Billion After Grounding 737 Max Planes

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Boeing. MUST CREDIT: Bloomberg photo by SeongJoon Cho.

Boeing executives announced Wednesday that their revenues slid more than $1 billion this quarter after more than 50 countries around the world grounded the company’s 737 Max planes following two deadly crashes.

Revenue for the first quarter of 2019 fell 2 percent overall following last month’s decision to ground the planes, Boeing told The New York Times, with revenue from commercial airlines down more than $1 billion.

The revenue loss constituted a 9 percent drop in the company’s earnings from commercial airline sales, according to the Times, which reported that Boeing earned $11.8 billion in total this quarter from such sales.

Read more at The Hill.

{Matzav.com}

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