United Airlines says it lost $1.63 billion in the second quarter as the coronavirus caused air travel to plunge
United Airlines said Tuesday that it lost $1.63 billion in the second quarter as revenue plunged 87%, and it will operate at barely over one-third of capacity through September as the coronavirus throttles air travel.
The Chicago-based airline burned through $40 million a day from April through June but said it will trim losses to $25 million a day in the third quarter by slashing costs.
CEO Scott Kirby said United cut its cash-burn rate below its closest rivals by shrinking its schedule to meet lower demand and cutting costs across the company. In a statement, he said the moves “positioned United to both survive the COVID crisis and capitalize on consumer demand when it sustainably returns.”
Investors will have to wait for United to provide more details about the quarter and the future outlook on…
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