Boeing Co said on Wednesday it would cut its 160,000-person workforce by about 10 per cent, 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.

“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.”

Chicago-based Boeing burned through $4.7 billion in cash in the first quarter, but said it was confident of getting sufficient liquidity to fund its operations, sending its shares up 7.7 per cent to $141.37.