The airline posted a $2.1 billion operating loss in the third quarter, excluding special items like charges for buyout packages
for employees who voluntarily left the company and early retirement of aircraft
. Including those items, its net loss topped $5 billion for the second consecutive period.
The third-quarter loss was larger than forecast by Wall Street analysts, and Delta (DAL)
shares fell 3% in premarket trading on the news.
Analysts expect total losses among US airlines
to top $10 billion for last quarter, as the pandemic continues to fuel a huge drop in demand
. Delta is the first US airline to report results for the quarter.
Delta’s revenue also fell 79% compared to the year-ago period. As bad as that is, it’s an improvement from the 88% drop in the second quarter.