American Airlines and Southwest Airlines are rethinking the number of flights they had planned to add to their schedules for August and September as COVID-19 cases accelerated in the United States, passing 4 million on Thursday.
) when demand started to pick up in May and June, but now optimism has waned as some states scale back reopening plans and expand quarantines. Demand is not forecast to fully recover before a vaccine.
American burned about $55 million a day in the second quarter, which it ended with $10.2 billion in liquidity.Both airlines had warned of job reductions in the fall, though Southwest said it does not plan to pursue furloughs or layoffs this year thanks to strong employee take-up for extended leaves or early retirements that will generate $400 million in cost savings in the fourth quarter.
Southwest swung to a $1.5 billion net loss, or $2.67 per share, in the second quarter, as total operating revenue fell 82.9% to $1.01 billion.
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