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 A Boeing 737 MAX 8 airplane (AP)
A Boeing 737 MAX 8 airplane (AP)

Boeing to cut 787/777 production as COVID-19 hammers sales

  • Due to slump in sales of various aircraft of Boeing because of Covid-19 pandemic, aircraft manufacturer will going to curtail the production for finite time
  • The company in second quarter has bore the loss of $2.40 billion while its shares have fell to $11.81 billion

Boeing said on Wednesday it would cut production of its marquee 787 and 777 jet programs and delay ramp up plans on the 737 MAX, as quarterly sales tumbled 25% due to the fallout from the COVID-19 pandemic.

Net loss narrowed to $2.40 billion in the second quarter ended June 30, from $2.94 billion a year earlier, when the company reported a record loss on charges related to the 737 MAX grounding.

The company said sales fell to $11.81 billion from $15.75 billion.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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