United Announces Q1 2020 Loss of $2.1 Billion Due to COVID-19
April 21, 2020
SOURCE: Business Insider
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 the airline industry
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. READ MORE->
For the status of major U.S. airlines across the system regarding first quarter earnings read the following article provided by Yahoo Finance and authored by Adam Shapiro.
COVID-19 Hits Airlines as they Report Earnings and Prepare for Layoffs in Fall.