NEW YORK – Boeing on Wednesday said it slid into the red during the first quarter, with its self-inflicted 737 Max crisis now compounded by the coronavirus outbreak, which is hurting demand for airline jets.

The Chicago company said it posted a quarterly loss of $641 million, or $1.11 a share, on revenue of $16.91 billion. The adjusted loss was $1.70 per share.

On average, analysts surveyed by FactSet forecast a loss of $1.60 per share on revenue of $17.33 billion. The company will cut production of commercial jet production rates but said it remains confident in its long-term future.

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United States	Cases: 46 252 513 Deaths: 750 423 Recovered: 0
India	Cases: 34 321 025 Deaths: 459 652 Recovered: 0
Brazil	Cases: 21 835 785 Deaths: 608 235 Recovered: 0
United Kingdom	Cases: 9 215 683 Deaths: 141 607 Recovered: 0
Russia	Cases: 8 494 589 Deaths: 237 619 Recovered: 0

Boeing swings to 1Q loss, announces production cuts

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