United Airlines to cut costs amid the coronavirus outbreak
On Wednesday, United Airlines Holdings Inc. (UAL) announced that it would cut costs by 59% in the third quarter amid the coronavirus pandemic.
The Chicago-based airline holding company said that it lost $1.8 billion or $6.33 per share in the third quarter. United Airlines’ total revenue dropped to $2.49 billion from $11.38 billion last year.
“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,” United Airlines Holdings’ Chief Executive Officer Scott Kirby said.
According to FactSet analysts, they expected that the airline would report an adjusted loss of $7.53 per share on its sales value worth $2.50 billion.
United Airlines’ shares went down by 1% at $35.61 in after-hours trading.