The changing economic landscape has led Boeing Co to cut production of its 747 jumbo jets. According to an InvestorPlace report, the introduction of the new 777 model which has a seating capacity of 400 could further diminish the demand for the 747. The 747 could seat up to 560 passengers. 

Price could also be a deciding factor. The price tag of the 747 hovered around USD 350 million while the 777 was cheaper at USD 320 million.

According to an Associated Press report, Boeing has already reduced production two times in just six months. With fewer orders, the company would be producing only 18 Boeing 747s in the next couple of years.

However, analysts said the limited production won't affect Boeing's financial forecast. They were right on target as Boeing reported solid results for the third quarter on Wednesday. Quarterly revenues for the company's commercial airplane business rose 15% to 14 billion. Encouraged by the results, Boeing increased its earnings forecast for the full year 2013 to USD 5.40 to USD 5.55 per share. This was higher than its previous forecast of USD 5.10 to USD 5.30 per share.