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Delta CEO: ‘We pushed too hard’
Delta’s CEO Ed Bastian confirmed what every traveler who has recently suffered long delays and cancelled flights already knew.
Airlines ‘stretched themselves’ unrealistically to gain as much business as possible after two barren years causing a ‘fair bit of operational stress.’
“We pushed too hard,” Bastian admitted to CNBC, before ‘scaling back a bit’
“We’ve now got our restraints in place and in July, we’re running a great operation.”
“Airlines have been ‘starved for revenue for the last two years’ leading to ramping up operations that they ultimately couldn’t deliver.
Although below expectations, Delta earned $735 million in the second quarter.
The airline forecasts a ‘meaningful’ full-year profit.
It expects a profit in the third quarter also.
Revenue for Q2 was $13.8 billion, above Wall Street estimates.
“This is an industry that hasn’t seen demand in a material way for two years, and so we have a lot of consumers with a tremendous urge and desire to travel,” Bastian said.
American Airlines this week forecast its first quarterly profit since the pandemic.
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