Nosedive: United Airlines revenue drops 78 percent in Q3
The staggering figure is still better than United Airlines’ second-quarter plunge of 87 percent.
United Airlines said on Wednesday its total revenue dropped 78 percent in the third quarter, slowing from a near 87 percent plunge in the previous quarter as demand for air travel gradually recovered from the coronavirus crisis.
The airline’s daily cash burn fell to $25m on average in the quarter ended September, from $40m in the second quarter, and included $4m per day in severance and debt payments.
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United said its quarterly adjusted loss was $2.37bn, or $8.16 per share, compared with adjusted net income of $1bn, or $4.07 per share, a year earlier.
The company reported revenue of $2.49bn and said it had liquidity of $19.4bn as of the end of the third quarter.
