Why Shares of United Airlines Are Falling Today
United Airlines Holdings (NASDAQ: UAL) did its best to put a good face on its third-quarter results, saying it expects that its revenue performance "will be the best ... among our large network competitors," but on Thursday morning, investors weren't buying it.
Shares of United were down by about 4% as of 12:15 p.m. EDT as Wall Street reflected on the grim reality of the long and arduous journey the airline has ahead of it.
After markets closed Wednesday, United reported a third-quarter loss of $8.16 per share on revenue of $2.49 billion, falling short of analysts' already-downbeat consensus expectations for a $7.44 per share loss on revenue of $2.54 billion. The culprit, of course, was the COVID-19 pandemic, which has caused travel demand to plummet, leaving United and other airlines scrambling to bring down their costs.
Source Fool.com
