Boeing's stock is rising 6% despite posting dismal earnings and cutting 10% of its workforce

• Shares of Boeing jumped more than 6% in early Wednesday trading after the company reported first quarter earnings amid the coronavirus pandemic.
• The airplane maker beat analysts' earnings estimates and reported revenue that was below expectations.
• Boeing CEO David Calhoun said that the company is targeting a 10% reduction in its workforce to provide additional liquidity as it tries to survive a pandemic that has grounded the airline industry.
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Shares of Boeing jumped 6% Wednesday morning after the company reported earnings for its fiscal first quarter that saw a 26% drop in revenue year-over-year.

Here are the key numbers:

Revenue: $16.91 billion, down 26% year-over-year and versus $17.01 billion analyst estimates

Adjusted earnings per share: -$1.70, versus analyst expectations of -$1.76

Airplane deliveries: 50

Operating cash flow: -$4.3 billion

Cash on hand: $15.5 billion, up from $10 billion three months prior

Boeing is facing a two-pronged crisis: the continued grounding of its 737 MAX airplane, and the coronavirus pandemic that has seen passenger air traffic plumment 95% as economies across the globe have shut down to help stop the spread of the deadly disease.

Investors are focused on Boeing's liquidity position, and questioning whether its current $15.5 billion cash on hand will be enough to weather the current economic storm and make it out on the other side without wiping out its equity investors. The company announced it would target a 10% reduction in its workforce to help boost its liquidity position.

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The company has raised more than $10 billion in debt so far this year. In an interview on CNBC Wednesday morning, CEO David Calhoun said the company is also exploring all options to boost its liquidity and could raise more debt in the future.

Boeing rival Airbus' CEO Guillaume Faury said Wednesday morning that its company is "in the gravest crisis the aerospace industry has ever known," and that the aviation crisis caused by the coronavirus was still in an "early stage."

Shares of Boeing traded up as much as 6% to $140 in Wednesday morning trading.

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