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Boeing has a record $ 11.9 billion loss in 2020

US aircraft manufacturer Boeing announced that it had a record loss of $ 11.9 billion last year, due to the suspension of 737 Max-type passenger aircraft and the impact of the Covid-19 outbreak.

Boeing has announced its financial statements for the fourth quarter of 2020.

Accordingly, the company lost $ 8.4 billion in the last quarter of last year. The firm announced a loss of $ 1 billion in the same period of 2019.

Boeing’s net loss reached a record level of $ 11.9 billion in 2020. The company completed 2019 with a loss of $ 636 million.

The company’s revenue in the fourth quarter of last year was $ 15.3 billion, down 15 percent compared to the same quarter of 2019. Boeing earned $ 17.9 billion in revenue in the last quarter of 2019.

Boeing’s revenue for 2020 fell 24 percent
Boeing’s revenue throughout 2020 was recorded as $ 58.2 billion, down 24 percent. The company’s revenue was $ 76.6 billion in 2019.

The company’s loss per share, which was $ 1.79 in the fourth quarter of 2019, increased to $ 14.65 in the last quarter of 2020.

In Boeing’s statement, it was noted that the suspension of the 737 MAX type passenger aircraft and the new type of coronavirus (Covid-19) pandemic significantly affected the financial results of the company.

Boeing stopped the deliveries of “737 Max” type passenger planes after two plane crashes and banned the flights of these planes in March 2019. The company was the target of criticism due to the accidents caused by the production failure in the flight control system of the “737 Max” type passenger aircraft.

Written by Maraaz

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