Aerospace giant Boeing on Wednesday announced that it has slashed production on all its large planes, delayed the arrival of its newest jet, and confirmed rumors that it is putting to rest its iconic 747 - all steps to conserve cash as it grapples with the effects of a global slowdown in air travel.

The manufacturing changes reflect the difficult business climate Boeing is in. It announced Wednesday a per-share quarterly loss that was almost double analysts forecasts and a 25 percent plunge in sales, which was also much bigger than Wall Street anticipated.

And there's few signs of a rebound anytime soon. CEO David Calhoun in a post-earnings conference call said Boeing airline customers are deferring airplane orders, and sometimes even slowing down or stopping payments.

At the same time Boeing is grappling with that, it still has the formidable task of getting the defamed 737 MAX back up in the air. The plane, which has been grounded for over a year after two deadly crashes, is still racking up huge losses - some $20 billion so far.

Boeing is waiting for U.S. regulators to certify the plane is safe to fly again - the timetable for that remains....up in the air.

Shares of Boeing fell more than 3 percent in Wednesday trade.