General Electric on Wednesday reported a steep decline in first-quarter revenue as the industrial giant took a hit from the coronavirus pandemic.
The company posted revenue of $20.524 billion, which represents a year-over-year decline of 8%. On an adjusted per-share basis, the company earned 5 cents. That was below a Refinitiv estimate of 8 cents per share. GE also suffered a $1 billion blow to its cash flow during the quarter.
“The impact from COVID-19 materially challenged our first-quarter results, especially in Aviation, where we saw a dramatic decline in commercial aerospace as the virus spread globally in March,” CEO