Delta Air Lines has again warned second quarter revenue will be,down by up to 90% compared to last year.
Delta now expects just $1.25 billion in sales for the quarter, compared to $12.5 billion a year ago.
System-wide capacity is still down 85% although it is seeing a small uptick in bookings and is gradually adding more routes.
Still, it is making some progress to reign in its costs.
In a regulatory filing, Delta said it is on target to reduce daily cash burn to about $40 million from nearly $100 million a day a couple of months ago.
It is already ahead of its goal to bring daily costs down to $50 million by June.
"Outflow improvement would result from modest continued demand recovery, particularly with domestic leisure travel beginning to return as states lift shelter-in-place orders, and additional cost-cutting initiatives," Delta said.
Delta has raised more than $10 billion in extra liquidity since early March.
"The rapid spread of the virus and measures implemented to combat it have had, and will continue to have, a material adverse effect on our business," Delta said.
