Southwest reports $94 million loss, slow travel recovery from COVID-19 - Business Insider

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 56 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 26%
  • Publisher: 51%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Southwest says it could take more than 5 years for business travel to get back to normal, as the airline reports its first loss since 2011 because of the coronavirus

Southwest Airlines CEO Gary Kelly said on Tuesday that business travel could take more than five years to return to 2019 levels, as the airline reported its first quarterly loss since 2011 amid an "unprecedented" and "breathtaking" crisis for the global airline industry.

Southwest predicts "no material improvement in air travel trends" this spring, according to a filing with the Securities and Exchanges Commission, saying it expects revenue to fall as much as 95% in May. It added that it is "unable to reasonably estimate trends beyond May 2020." Airlines and the broader travel industry have been hit particularly hard by the COVID-19 pandemic and associated financial crisis, as shelter-in-place orders, travel restrictions, and corporate travel suspensions have. Customers have also refrained from booking travel in advance due to uncertainty over when restrictions will be loosened, and whether a so-called "second wave" outbreak will force them to be tightened again.

As the industry looks towards ways to convince passengers to fly again, Kelly said the airline would consider options such as leaving empty seats on planes or offering masks to passengers.While analysts and airline officials have suggested that leisure travel may return before corporate travel, Kelly said it was hard to know when an uptick would resume.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Boo hoo

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 729. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Trump classified briefings warned about COVID-19: report - Business InsiderTrump regularly skips reading through daily briefings and rarely pays attention when officials give him oral summaries of the information. The WHO told the USA that the threat was non-existent No way!!
Source: BusinessInsider - 🏆 729. / 51 Read more »