JetBlue Calls a Bottom on Travel Demand
JetBlue Airways (NASDAQ: JBLU) on Thursday morning joined a parade of airlines reporting first quarter losses and warning the second quarter will be even worse. But unlike most of its peers, JetBlue seems to think the worst of the COVID-19 induced travel slump will soon be behind us.
Before markets opened, the airline reported a first quarter adjusted loss of $0.42 per share on revenue of $1.59 billion, just short of analyst expectations for a 0.37 per share loss on revenue of $1.69 billion. Revenue was down 15% year over year as the initial impact of the pandemic weighed the business. Revenue is sure to be down significantly more in the second quarter.
JetBlue March capacity declined 19% year over year in the first quarter, and the airline expects second quarter capacity to be down about 80% compared to its original plan.
Source Fool.com
