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 story : JetBlue cuts third-quarter revenue outlook, stock falls #FinanceUSA #StockMarketNEWS Shares of JetBlue Airways Corp. shed 0.8% in premarket trading, after the air carrier joined its peers in warning

@stockMarketNEWS 10 Days ago

Posted in: #FinanceUSA #StockMarketNEWS

JetBlue cuts third-quarter revenue outlook, stock falls #FinanceUSA #StockMarketNEWS
Shares of JetBlue Airways Corp. shed 0.8% in premarket trading, after the air carrier joined its peers in warning that third-quarter revenue would be weaker than previously expected because of the recent uptick in COVID-19 cases. The company now expects third-quarter revenue to be down 6% to 9% from the same period in pre-pandemic 2019, compared with previous guidance of a decline of 4% to 9%; the current FactSet revenue consensus of .90 billion implies a 9.0% drop. The company said the bookings softness it is currently seeing is extending into the fourth quarter, although it expects leisure demand for peak holiday travel "will hold up relatively well." JetBlue also expects third-quarter capacity to be down 1% from the same period in 2019, compared with previous expectations of flat to down 3%. "JetBlue continues to expect a choppy and non-linear demand recovery and may not be able to predict changes to revenue due to additional COVID-19 related disruptions or other factors," the company stated. The stock has slumped 21.9% over the past three months through Wednesday, while the U.S. Global Jets has declined 15.0% and the S&P 500 has gained 7.0%.


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