JetBlue announces $450m loss, revenue dropped by 90%
The United States-based low-cost carrier JetBlue (JBLU) was another American airline with unsurprising yet depressing news for their investors, as the company’s financial results for Q2 2020 indicated loss of revenue on par with the rest of the industry.
Although the traffic results hit rock-bottom in April and subsequently improved in May and June 2020, it was not enough to mitigate the colossal loss of revenue which dropped to $215 million from $2.1 billion in Q2 2020.
The company claims to have went to great lengths to mitigate the disaster and looks forward to coming out as a new “global player” from this historic crisis, although the exact way it is hoping to exploit the situation is not explained. The New York-based airline, however, managed to sign a partnership agreement with American Airlines (A1G) (AAL), significantly bolstering its offering in its home base on the East Coast. The new partnership would allow customers to choose an alternative airline from the dominant network airlines, according to president and chief operating officer (COO) of JetBlue Joanna Geraghty.
Its plans to launch transatlantic flights to one of London’s airports from the Big Apple appear to be still on track to kickstart in 2021, as the airline plans to accept more A321neo aircraft throughout the year.
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