Boeing reported a loss of $641 million in the first quarter Wednesday. The aerospace manufacturer also announced it would cut 16,000 employees—10% of its staff.
The firm’s 737-MAX woes had already forced production to slow, but the collapse of global air travel amid the pandemic has further reduced its orders. The company’s revenue fell 26% in the first quarter to $16.9 billion. The firm also announced plans to scale back production of the 787 Dreamliner and the 777.
Boeing reported burning through $4.3 billion in cash during the first quarter. And the company’s total consolidated debt climbed 42% to $38.9 billion from last quarter.
