Boeings second-quarter net loss of $2.942 billion was the largest quarterly loss in history.

 Boeings second-quarter net loss of $2.942 billion was the largest quarterly loss in history.

Houston, July 24, China News Agency (CNP) - Boeing Corporation of the United States announced its second quarter results of 2019 on July 24: a net loss of $2.942 billion in the current quarter, the largest quarterly loss record in Boeings history.

According to Boeings earnings figures, the second quarters operating income was $15.751 billion, which was below market expectations of $18.552 billion. Revenue reached $24.258 billion in the same period last year, down 35% from the same period last year.

The results showed a net loss of $2.942 billion in the quarter, compared with a net profit of $2.196 billion in the same period last year. Boeings last serious quarterly loss occurred in the third quarter of 2009, with a net loss of $1.6 billion. At that time, the demand for air transport and freight services was weakening, resulting in a sharp decline in jet sales.

In addition, the financial report shows that due to the engine problems of the 777X wide-body machine, the delivery of the model will be delayed to early 2020, and may be further delayed. The 777X wide-body aircraft is a two-channel jet aircraft launched by Boeing. Industry insiders say the so-called NMA will be a replacement for the 737.

This is a decisive moment for Boeing. We will continue to adhere to the principles of safety, quality and integrity, so that 737MAX can safely resume its service, Dennis Mirenberg, CEO of Boeing, said Tuesday.

Chicago-based Boeing Corp. suspended delivery of the 737MAX in March after two fatal crashes, according to Consumer News and Business Channel.

According to Reuters, with 737MAX being banned worldwide, the entire aviation industry has been hit. Among them, major airlines had to cancel thousands of flights and use standby aircraft to replace flight routes of 737 MAX to compensate for the losses.

Recently, Boeing issued a statement saying that it added $4.9 billion in expenditure in the second quarter, mainly to compensate customers affected by the 737 MAX flight ban and delayed delivery.

Source: Liable Editor of CNN: Li Wan_B11284