As the financial results of the second quarter become available, the full picture of monumental losses COVID-19 lockdowns inflicted on the airline industry appears. Let’s take a deeper look at the worst crisis airlines have suffered so far.
Both Southwest Airlines (LUV) and American Airlines Group released their Q2 financial results on July 23, 2020. That is two of the new Big Four who control almost 90% of the commercial flights in the US, other two being Delta Air Lines and United Airlines. Their results were released earlier.
As expected, passenger demand dropped hard with travel restrictions and people’s unwillingness to travel. The amount of passengers carried decreased by average nine-tenth in all four airlines, equaling to just a fraction of what it was in the second quarter of 2019.