US aircraft manufacturer Boeing, which previously announced massive layoffs, said it will be downsized to 130,000 by the end of next year, down 20% from last year.
The coronavirus crisis and safety concerns for the 737 Max have contributed to the drop in orders.
The company's loss in the three months to September 30 was $ 466 million, the fourth consecutive quarterly drop in earnings.
However, Boeing reiterated its expectation that deliveries of the 737 Max to the US will resume before the end of the year.
Flights of this type of aircraft have been suspended since March 2019 after 346 people died in two separate plane crashes.
The pandemic has led to a significant reduction in air travel, pushing major airlines to the brink of bankruptcy and forcing them to cut staff.
As a result, Boeing cut production as well as jobs. Travel is expected to return to pre-crisis levels no earlier than 2023.
The company reported that its revenues were down 30% in the first nine months of the year to $ 42 billion.
Boeing President and CEO Dave Calhoun said the pandemic "continued to put pressure" on businesses.
“Our diverse portfolio, including our government services, defense and space programs, continues to provide us with some stability as we adapt and rebuild with the other side of the pandemic,” he said.