GE says first-quarter revenue declined 8%, expects this quarter to be worse because of pandemic

General Electric reported steep declines in first-quarter revenue and earnings as the industrial giant took a hit amid the coronavirus pandemic.

reported Wednesday steep declines in first-quarter revenue and earnings as the industrial giant took a hit amid the coronavirus pandemic.

"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 Larry Culp said in a statement. Culp said the company is eyeing cost cuts of more than $2 billion along with $3 billion in cash preservation to cushion the coronavirus blow. GE's earnings release also indicated the industrial giant expects this quarter to be worse than the first.

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