United lost $2.1 billion in the first quarter because of coronavirus, and it's a dark sign of just how bad things will get for airlines
said on Monday that it had lost $2.1 billion in the first quarter due to the coronavirus pandemic.
The airline took in $8 billion of revenue, a 17% drop over the same quarter in 2019. All of the losses came in March, as the pandemic worsened.This is a developing story. Check back for more.United Airlines said on Monday that it lost $2.1 billion on a pretax basis in the first quarter of 2020, as the coronavirus pandemic began to impact the world's airlines.
In a filing with the Securities and Exchange Commission, United said that it earned $8 billion in revenue in the first quarter, down 17% from the first quarter of 2019. Virtually all of those losses came during March, as the outbreak reached pandemic status and travel came to a halt, a senior United official said during a media briefing.
The airline said that on an adjusted basis, the loss was about $1 billion. The gap was because of $1 billion in special charges. United has cut its capacity about 90% as the virus brings travel to almost a complete stop around the world. Revenue has essentially halted, with cargo operations and ticket sales for essential workers failing to make up for the loss of business and leisure travel.
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