United Airlines posts $1.6 billion net loss in second quarter as demand plunged in pandemic
United Airlines executives will hold a call with analysts at 10:30 a.m. ET Wednesday.A United Airlines Boeing 777-200 aircraftposted a $1.63 billion net loss for the second quarter, driven by a plunge in air travel demand because of the coronavirus pandemic, the carrier said Tuesday.
Revenue fell more than 87% from a year earlier to $1.48 billion from a in the three months ended June 30, compared with analysts' estimates for sales of $1.32 billion. The Chicago-based carrier and other large-airline competitors that spent years building up their networks are grappling with what are expected to be long-lasting impacts of the pandemic.
United said it expects to reduce its cash burn to $25 million a day in the third quarter from an average daily burn of $40 million in second quarter. The carrier has slashed thousands of flights and parked hundreds of planes to cut its cash burn.United's shares were down 1.4% in postmarket trading. United executives will hold a call with analysts to break down their results and outlook at 10:30 a.m. ET Wednesday.
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