- Boston-based General Electric Co (GE.N) said on Wednesday the coronavirus pandemic dealt a $1 billion blow to cash flow at its industrial business in the first quarter.
- Total revenue fell almost 8%.
- Company warned the damage would worsen in the next three months.
- 700 workers at its power division cut.
- Says they are bracing for repossession of some aircraft by its GECAS leasing unit.
- One comparative bright spot was GE’s healthcare business, where demand for coronavirus-related products rose 1.5 to 2 fold.