Boeing Co reported a loss for the second straight quarter and said on Wednesday it would cut its workforce by about 10% as the planemaker further reduces 787 Dreamliner production against a slump in global travel demand.
FILE PHOTO: A Boeing logo is seen at the company's facility in Everett after it was announced that their 777X model will make its first test flight later in the week in Everett, Washington, U.S. January 21, 2020. REUTERS/Lindsey Wasson
The planemaker said it was confident of getting sufficient liquidity to fund its operations, sending its shares up 5.4% in premarket trading. Demand for Boeing’s bigger and more profitable 787 jet had waned as a result of the U.S.-China trade war. The pandemic has made it more difficult for the company to sustain production of the aircraft, which is its main source of cash at a time when the 737 MAX remains grounded.
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