Delta Air Lines Reports $5.4B Loss For Third Quarter

CNBC reports:

Delta Air Lines on Tuesday posted another multibillion-dollar net loss after the coronavirus pandemic roiled what is usually the peak travel period of the year. The carrier warned it could take years to recover. Kicking off third-quarter reporting for the beleaguered airline sector, Delta said its net loss was $5.4 billion in the third quarter, compared with a profit of $1.5 billion in the year-earlier period.

It said revenue dropped 76% from $12.56 billion a year earlier to $3.06 billion in the three months ended Sept. 30, slightly under analysts’ forecasts for $3.1 billion. Delta’s president warned revenues may not normalize for “two years or more.” Large airlines like Delta have been particularly challenged in the pandemic because they previously relied heavily on business travel and sprawling international networks, two areas that have been hard-hit by the pandemic.