General Electric Co. said it was cutting $2 billion in costs to offset falling sales and profits, as the company’s aviation business was hit hard by the virtual halt to air travel because of the coronavirus pandemic.
The conglomerate’s first-quarter revenue fell 8% and it posted operating losses in several of its business units, but the unit that manufactures and maintains jet engines was hardest hit.
The airline business will continue to suffer even after the Coronavirus becomes a thing of the past. Airlines have not been run well & investment poor.All business associated with aviation will see a sharp decline in orders.
Given the government contracts they hold around the world I imagine it's safe to assume they will survive - albeit by the skin of their teeth
It’s just G now, Jack. I sold the E to Samsung. They’re Samesung now.
No one is going to bail out the airlines & this was always going to be the case & now it's the same for cruise liners. We're being isolated from each other on a global scale, and all the corrupt politicians & leaders enabled this terrorist tactic. This is basic combat triage tho.
Time to quit making engines and start engineering seats for humans to comfortably sit in
Celebrate Jack Welch’s legacy that made GE more of a B2B company and take it farther from direct consumers, in short with zero diversification of Biz, GE manifolded its business risks.