United Airlines Sees 78% Drop in Revenue in Q3, Posts $1.8 Billion Loss

By Paul Riegler on 15 October 2020
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United Airlines announced financial results for the third quarter of 2020.

The airline recorded $2.49 billion in revenue in the period, down 78% from $11.38 billion in the third quarter of 2019 after cutting capacity by 70% amidst the coronavirus pandemic.

The Chicago-based carrier posted a net loss of $1.8 billion for the period, compared to profit of $1 billion in Q3 2019.

The news comes on the heel’s of Delta’s report of a $5.4 billion net loss for the third quarter.

United did say it cut its operating costs by 59% and that it has close to $20 billion in liquidity to position it for an eventual recovery from the coronavirus pandemic-infused drop in travel.

“We’re ready to turn the page on seven months that have been dedicated to developing and implementing extraordinary and often painful measures, like furloughing 13,000 team members, to survive the worst financial crisis in aviation history,” said the airline’s CEO, Scott Kirby.

Kirby did acknowledge, however, that the “negative impact of COVID-19 will persist in the near term,” adding that he hoped he could bring furloughed employees back to work.

(Photo: Accura Media Group)

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