Boeing says it will take $1 billion hit on grounding of the 737 Max jet

Aviation giant Boeing has suffered a $1 billion hit to its bottom line amid the crisis over its 737 MAX aircraft, grounded worldwide after two deadly crashes, the company said Wednesday, Report informs citing foreign media.

Boeing also said it is making steady progress on the path to final certification for a software update on the 737 Max, logging over 135 test flights and more than 230 hours of airtime with the software update.