Sabre Corp reported an Q2 operating loss of $384 million as revenue plunged a massive 92% to just $83 million.
Last year’s second quarter brought in $1 billion in revenue.
Sabre CEO Sean Menke said air bookings were at their lowest ebb in April, with cancellations topping new bookings.
Business slightly picked up in May and June but was still only a fraction of normal levels for the time of year.
Menke said the beginning of the third quarter was quite stagnant as many states saw a surge in new Covid-19 infections but it has improved slightly in recent days.
He is not positive of a quick turnaround.
"Although we exited the quarter with positive net air bookings in June for the first time since early March, and stronger improvement in hotel bookings, the overall travel environment remains severely depressed."
Nevertheless, Sabre remains fairly upbeat as it has just renewed key distribution agreements with some major airline customers including United Airlines and Air New Zealand.
By Ray Montgomery, US editor
