The Boeing Company (NYSE: BA) stock jumped more than 8 percent Wednesday after it has reported first-quarter financials. The major manufacturer of commercial jetliners, military aircraft, satellites, missile defense, human space flight and launch systems, and services worldwide reported first-quarter revenue of $16.9 billion, GAAP loss per share of ($1.11) and core loss per share  of ($1.70), primarily reflecting the impacts of COVID-19 and the 737 MAX grounding. Boeing recorded operating cash flow of ($4.3) billion.

“The COVID-19 pandemic is affecting every aspect of our business, including airline customer demand, production continuity and supply chain stability,” said Boeing President and CEO David Calhoun. “Our primary focus is the health and safety of our people and communities while we take tough but necessary action to navigate this unprecedented health crisis and adapt for a changed marketplace.”

As the pandemic continues to reduce airline passenger traffic, Boeing sees reports impact on the demand for new commercial airplanes and services, with airlines delaying purchases for new jets, slowing delivery schedules and deferring elective maintenance. To deal with the ongoing consequences Boeing announced actions that include reducing commercial airplane production rates. The company also declared a leadership and organizational restructuring to streamline roles and responsibilities, and plans to reduce overall staffing levels.

“While COVID-19 is adding unprecedented pressure to our business, we remain confident in our long term future,” said Calhoun.  “We continue to support our defense customers in their critical national security missions. We are progressing toward the safe return to service of the 737 MAX, and we are driving safety, quality and operational excellence into all that we do every day. Air travel has always been resilient, our portfolio of products and technology is well positioned, and we are confident we will emerge from the crisis and thrive again as a leader of our industry.”