In response to an "unprecedented" drop in demand for air travel, Boeing said Thursday it will reduce production of its 777 model by 29% next year. The announcement marked a shift for Boeing, which, like rival Airbus, had been insisting it would stick with earlier production targets. Boeing Commercial Airplanes President Scott Carson noted in a news release that passenger and cargo carriers are experiencing "extremely difficult times." Boeing also said it was reducing first-quarter profit figures by 38 cents a share due to negative price escalation and other factors.

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