Airline and Hotel Operating and Financial Reports

Uber Narrows Q1 Losses Thanks to Sale of Autonomous Driving Unit

Uber Narrows Q1 Losses Thanks to Sale of Autonomous Driving Unit

Uber Technologies announced financial results for the first quarter of 2021.
The ride-hailing service posted a net loss of $108 million, a significant improvement from the prior quarter when the loss was $968 million.  The company said that it benefitted from the sale of its autonomous driving unit, ATG, which generated a $1.6 billion gain.
Without the extraordinary item, Uber’s operating loss was $1.6 billion for the period.
Revenue for the quarter was …

Air Canada Posts $1 Billion Loss, CEO Calls for Easing Travel Restrictions

Air Canada Posts $1 Billion Loss, CEO Calls for Easing Travel Restrictions

Air Canada announced financial results for first quarter of 2021.
The airline lost $1.05 billion ($863.6 million) in the period, compared to a loss of $433 million in the same period in 2020.
Revenue for the first three months totaled $729 billion, a decline of $2.993 billion or 80% compared to Q1 2020.
The airline’s executives said they assume current travel restrictions in Canada, which are far stricter that those in the United …

Hilton Reports 45% Drop in Q1 Revenue Amidst Coronavirus Pandemic

Hilton Reports 45% Drop in Q1 Revenue Amidst Coronavirus Pandemic

Hilton Worldwide announced financial results for the first quarter of 2021.
The hotel operator reported a net loss of $109 million for the first three months of the year on revenue of $874 million, down 45% from $1,920 million in the same period in 2020.
The company said it began to see an uptick towards the end of the quarter into the second quarter.
“While rising Covid-19 cases and tightened travel restrictions, particularly …

Hyatt Reports First Quarter Loss of $304 Million Amidst Pandemic

Hyatt Reports First Quarter Loss of $304 Million Amidst Pandemic

Hyatt Hotels announced financial results for the first quarter of 2021.
The hotel chain reported a net loss of $304 million amidst the coronavirus pandemic-induced decline in travel.
Revenue for the first three months of the year was $438 million, down 55.9%.
Despite the decline, the company was optimistic as more people across the globe were inoculated against the coronavirus.
“The expansion of vaccine distribution and the easing of travel restrictions in certain markets …

Apple Profit Soars in First Quarter on Consumer Optimism

Apple Profit Soars in First Quarter on Consumer Optimism

Apple, the world’s most valuablepublicly traded company,announced financial results for the first quarter of 2021.
The Cupertino-based company reported a profit of $23.6 billion in the first three months of the year on revenue of $89.6 billion.
The positive results reflect the “optimism consumers seem to feel about better days ahead for all of us,” said the company’s CEO, Tim Cook.
The company said there had been “strong double-digit growth” in each of …

Boeing Posts $537 Million Loss in Q1

Boeing Posts $537 Million Loss in Q1

Boeing announced financial results for first quarter of 2021 on Wednesday.
The Chicago-based aircraft company reported a net loss of $561 million for the first quarter on revenue of $15.2 billion, a 10% year-over-year decline.
The company said it expects 2021 to be a turning point as more people across the globe are inoculated against the coronavirus.
“While the global pandemic continues to challenge the overall market environment, we view 2021 as a …

Hawaiian Airlines Reports $61 Million Loss as Travel Returns to the Islands

Hawaiian Airlines Reports $61 Million Loss as Travel Returns to the Islands

Hawaiian Airlines announced financial results for first quarter of 2021.
The Honolulu-based carrier reported a first-quarter loss of $60.7 million amidst the coronavirus pandemic-induced decline in travel, a figure significantly lower than the $144.4 million loss that the carrier posted in the same period in 2020 when the pandemic was in its early stages.
“Despite the positive evolution of the quarter, our financial performance remains dramatically affected by the pandemic,” the airline’s …