The Boeing Company (NYSE: BA) reported a narrower net loss for the June-quarter even as revenues decreased 25%, hurt by the coronavirus-linked flight cancellations.
Core loss, adjusted for one-off items, narrowed to $4.79 per share from $5.82 per share in the second quarter of 2019. The bottom-line, meanwhile, missed the estimates.
Net loss, on an unadjusted basis, was $2.39 billion or $4.20 per share, compared to a loss of $2.94 billion or $5.21 per share recorded a year earlier.
Second-quarter revenues plunged 25% year-over-year to $11.8 billion, hurt by the widespread disruptions caused by the COVID-19 pandemic and grounding of the 737 MAX fleet. Analysts had forecast a slower decline.
Boeing’s stock gained about 2% early Wednesday following the earnings announcemnet, after closing the previous session higher.