“Growth has stalled,” Delta CEO Ed Bastian said. Delta is the first U.S. airline to report financial results for the May-through-June quarter, and the numbers were ugly. Passengers boarding Delta planes tumbled 93% from a year earlier, revenue plummeted 88%, and the company’s losses were worse than anticipated. Bastian held out hope that Delta might avoid those cuts because 17,000 of its 91,000 employees have accepted early retirement. Delta has about 19 months worth of cash and short-term investments at its current burn rate of $27 million a day.

Source: ABC News July 14, 2020 11:54 UTC