Southwest Airlines says new bookings are now outpacing cancellations but demand is still down sharply year-over-year.
Southwest shares climb after airline says demand starting to return after plunging because of the pandemic.The coronavirus has devastated air travel demand, pushing the number of travelers down 95% in the U.S. last month.
The Dallas-based carrier said its May operating revenue will likely be down no more than 90% year over year, compared with a previous estimate for a decline as much as 95% compared with May 2019. Southwest said it's seeing a "modest improvement" in demand and bookings in June 2020 and that it expects operating revenues next month to be 80% to 85% lower than a year ago.
"The revenue environment remains uncertain and may require additional capacity reductions depending on passenger demand," it said in a filing., for its part, said Tuesday that it has logged "a moderate improvement in demand" for trips within the United States and some international destinations the rest of the second quarter. The airline is cutting capacity by 75% in July from a year ago, compared with a 90% year-over-year reduction planned for May and June.
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