JetBlue Airways Earnings: The Bleeding Is Slowing
While 2020 hasn't been an easy year for any airline, JetBlue Airways (NASDAQ: JBLU) was hit harder than most. JetBlue's operations are heavily concentrated in the Northeast: particularly its main focus cities of New York and Boston. Those markets had especially severe COVID-19 outbreaks earlier this year and have taken aggressive countermeasures, including quarantine restrictions for travelers.
Fortunately, JetBlue entered the year with a strong balance sheet. And despite the unique challenges it faces due to its focus on the Northeast, the low-fare airline reported better-than-expected results for the third quarter on Tuesday, with further improvement expected in the fourth quarter.
During the third quarter, JetBlue slashed capacity 57.6% year over year, in response to lower demand. This was a deeper capacity cut than its initial planning assumption of down 45%.
Source Fool.com
