Boeing Global Services reports loss due to coronavirus pandemic - Business Insider

As the COVID-19 pandemic continues to ravage the aviation industry, Boeing has added one of its most reliable sources of revenue — its bulwark against demand drops and other problems — to the loss column.

Boeing Global Services posted a $672 million loss for the quarter, a sharp reversal from the $687 million profit during the same quarter in 2019. That represents nearly one-third of the Global Services, which offers maintenance, data analytics, supply chain resources, and other services to current and former customers, provides an ongoing revenue stream after an airline or lessor purchases a plane.

services designed to increase efficiency and extend the economic lives of airplanes," Boeing wrote in its 2019 annual report for investors. "Airlines are using data analytics to plan flight operations and predictive maintenance to improve their productivity and efficiency. Airlines continue to look for opportunities to reduce the size and cost of their spare parts inventory, frequently outsourcing spares management to third parties.

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