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JetBlue preps for slow recovery as it posts USD320 million quarterly loss
JetBlue Airways posted a second quarter net loss of $320 million.
The New York-based airline said it flew just 616,000 passengers in the three month period ended June 30, which is down a massive 94%.
That led to a plunge in revenue of 90% or $215 million, down from $2.1 billion during the same quarter last year.
The airline says the market has bottomed out from historic low passenger numbers a couple of months ago, but the longed-for recovery back to 2019 levels is a long way off.
It projects third quarter revenue will improve only marginally, and expects it to be down by 80%.
JetBlue said it expects to further reduce cash burn to $7-9 million a day during the third quarter.
The airline said it has about $2.9 billion in cash and total liquidity of about $3.4 billion, which includes cash from federal loans.
by Ray Montgomery, US editor
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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