Boeing Co. on Wednesday reported a loss of $37 million in its first quarter, and those losses were better than Wall Street expectations.
The airplane-builder posted revenue of $19.5 billion in the period, also exceeding Wall Street forecasts.
Shares of Boeing stock have fallen 8% since the beginning of the year, while the S&P’s 500 index has gone down 10%. Boeing stock has dropped nearly 5% during the past 12 months.
Boeing stock jumped 8.7% Wednesday morning after the plane-maker's first-quarter adjusted loss came in much smaller than anticipated; by early afternoon, it settled down to a 5.5% gain.
Boeing says it's selling parts of its Digital Aviation Solutions business to software investment firm Thoma Bravo for $10.55 billion. The company said the all-cash deal will help improve its balance sheet, allowing it to focus on its core businesses.