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
