The US-based multinational aerospace manufacturer Boeing posted a $1.24 billion net loss in the first quarter of 2022, according to its financial results statement released on Wednesday.

The company's net loss in the January-March period of 2021 stood at $561 million.

The firm also saw almost an 8% decline in revenue during that period, which fell to approximately $14 billion, from $15.2 billion, year-on-year.

Boeing President and CEO Dave Calhoun said in a separate statement that the company has suspended engineering support, flight training and customer operations, parts delivery and maintenance support services for Russian customers, in addition to halting imports of titanium from Russia.

"While these actions had an impact on our business; they are the right thing to do and our operations are well-positioned," he said.

Boeing's stock price was down 8.8% to $152.36 per share on the New York Stock Exchange at 1118 EDT./aa