Boeing to cut 777 production rate by 40 percent in August 2017

Boeing Co said on Monday that it will cut production of its twin-aisle 777 jetliner to 5 a month in August 2017, a 40 percent reduction from the current rate of 8.3 a month.

The cut will affect employment and have a "modest impact" on Boeing's 2016 financial results, the company said.

(Reporting by Alwyn Scott; Editing by Meredith Mazzilli)