File photo shows visitors experiencing interactive devices at the booth of Boeing Company during the second China International Import Expo in Shanghai, east China, on Nov. 8, 2019. (Xinhua/Zhang Yuwei)

Airplane manufacturer Boeing saw a drop in revenue in the second quarter, with COVID-19 being a significant factor.

Boeing said on Wednesday that its revenue in the second quarter was $11.8 billion, down from $15.8 billion in the same period last year. The company said the financial results were affected by COVID-19 and the grounding of the 737 MAX plane.

The company said 737 production has been slower than planned, and production will gradually increase to 31 per month by the beginning of 2022, followed by gradual increases to correspond with market demand.

Boeing also said its 787 production rate will be reduced to six per month in 2021. The 777/777X combined production rate will gradually be reduced to two per month in 2021, with 777X first delivery targeted for 2022.

Boeing President and Chief Executive Officer Dave Calhoun said they are working closely with their customers, suppliers and global partners to manage the challenges to the industry.

Shares were up 2 percent in premarket trading.

Global Times