July 29, 2020

General Electric reports loss amid weakness in aviation

New York (AFP) – General Electric reported a bigger-than-expected loss Wednesday, due in part to sagging sales from its aviation business in the wake of the coronavirus outbreak.The company’s loss was $2.2 billion in the second quarter, compared with a loss of $61 million in the year-ago period. Revenues tumbled 24 percent to $17.8 billion. As with so many other companies, the coronavirus and shutdowns to contain the virus was the driving factor behind 2020 results. GE suffered a 44 percent fall in revenues in its aviation business, where orders for plane engines have been derailed due to the …

source https://this.kiji.is/en/661165022312350817?c=648607265489716321

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