Boeing Posts Massive $12 Billion 2020 Loss as Pandemic Takes Its Toll

Boeing (NYSE: BA) on Wednesday said it lost almost $12 billion in 2020 and further delayed the debut of its 777X jet, a fresh reminder that the issues that plagued the company last year will not be resolved easily.

The aerospace giant recorded a net loss of $11.94 billion on revenue of $58 billion for the year, with total sales dropping 24%. The global pandemic sapped demand for air travel and devastated airlines, reducing demand for new planes.

Image source: Boeing.

Source Fool.com