Airlines lose billions as demand ‘stalled,’ CEOs warn recovery hinges on a coronavirus vaccine
A bird flies by in the foreground as a Southwest Airlines jet comes in for a landing at McCarran International Airport on May 25, 2020 in Las Vegas, Nevada.
Ethan Miller | Getty Images
Revenue tumbled at both Texas-based carriers during the second quarter the virus spread around the U.S, dropping more than 86% in the quarter at American to $1.6 billion from close to $12 billion a year earlier. Southwest’s sales fell nearly 83% to a little over a $1 billion from $5.9 billion last year.
The CEOs of both airlines don’t expect a full recovery in demand until there’s a vaccine or treatment for Covid-19.
The spike in infection rates coupled with travel restrictions …continued .
[Source: CNBC News]