DALLAS (AP) — The losses are building at U.S. airlines as the coronavirus pandemic cuts into air travel. American Airlines said Thursday that it lost $2.40 billion in the third quarter, and Southwest Airlines reported a loss of $1.16 billion.
Those losses came in the July-through-September quarter that is normally a strong one for airlines, taking in most of the peak summer vacation season. But most travelers were grounded this summer by fear and travel restrictions intended to curb the spread of the new coronavirus.
American’s revenue tumbled 73%, and Southwest’s revenue fell 68% from a year ago. Airlines are cutting workforces and borrowing billions from the government and private sources to outlast the virus.
