7/14/2020, 1:02 PM (Source: TeleTrader)
more TeleTrader news

Delta's revenue drops 88% to $1.47B in Q2

Delta Air Lines reported that its total operating revenue fell 88% to $1.47 billion in the second quarter compared to the same three-month period in 2019 amid the coronavirus crisis. Passenger revenue was down 94% year-on-year to $678 million. The airline said it has a loss of $5.7 billion which marks a sever drop from an income of $1.4 billion a year ago. In the second quarter of 2020, Delta's loss per share stood at $9.01, falling from earnings of $2.21 per share in the June quarter in the previous year.

However, the company noted it ended the second quarter with $15.7 billion in liquidity after it acted quickly to reduce its average daily cash burn by 70% to $27 million in June.

The airline also added it will look to position itself as a "smaller, more efficient airline" in the future and that it will offer early retirement plans and voluntary separation programs to achieve its goals.

Breaking the News / VP