American Airlines reports $2.4b net loss in Q3, cuts cash burn
American Airlines Thursday posted another big quarterly loss as the coronavirus pandemic hurt summer travel demand, but the carrier trimmed its cash burn. Revenue dropped 73% in the three months ended Sept. 30 to $3.17b from $11.9b a year earlier. The carrier swung to a $2.4b net loss in Q3 from a $425m profit a year earlier. Excluding one-time items, American posted a per-share loss of $5.54, better than analysts expected. American shares were down 1.4% premarket. The company said it has authorized a stock sale to raise up to $1b. American began furloughing 19,000 employees this month after the terms of $25b federal aid for the struggling airline sector expired. Story has more financial results.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2020-10-23/oneworld/american-airlines-reports-2-4b-net-loss-in-q3-cuts-cash-burn
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American Airlines reports $2.4b net loss in Q3, cuts cash burn
American Airlines Thursday posted another big quarterly loss as the coronavirus pandemic hurt summer travel demand, but the carrier trimmed its cash burn. Revenue dropped 73% in the three months ended Sept. 30 to $3.17b from $11.9b a year earlier. The carrier swung to a $2.4b net loss in Q3 from a $425m profit a year earlier. Excluding one-time items, American posted a per-share loss of $5.54, better than analysts expected. American shares were down 1.4% premarket. The company said it has authorized a stock sale to raise up to $1b. American began furloughing 19,000 employees this month after the terms of $25b federal aid for the struggling airline sector expired. Story has more financial results.<br/>
