General Electric 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
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.
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