Coronavirus impact: Boeing reports big loss, hints at more job cuts

Boeing reported a bigger-than-expected loss Wednesday and said it would further trim its plane production because of weak demand in the wake of the coronavirus pandemic.

The aerospace giant suffered a $2.4 billion second-quarter loss, reflecting the hit from much lower commercial plane deliveries as airlines suspend purchases due to falling consumer demand.

Revenues plunged 25 percent to $11.8 billion.

Chief Executive Dave Calhoun said the company would cut its plane production schedule and phase out production of the iconic 747, warning that the company “will have to further assess the size of our workforce” in a message to employees.