Boeing to shrink workforce, raise cash as coronavirus slams jet industry

"Our industry is going to look very different as a result of this pandemic," Boeing CEO Dave Calhoun told investors. "We will be a smaller company for a while."

NEW YORK: Boeing Co said on Wednesday it would cut its 160,000-person workforce by about 10%, further reduce 787 Dreamliner production and try to boost liquidity as it prepares for a years-long industry recovery from the coronavirus pandemic that drove its second consecutive quarterly loss.

Boeing shares closed 5.9% higher to $139 after the company said it was confident of getting sufficient liquidity to fund operations and would have positive cash flow next year as it ramps up production of the grounded 737 MAX.