JetBlue Airways shares tumbled more than 10% in premarket trading Tuesday after the airline lowered its 2024 revenue forecast, a setback as it tries to return to profitability.
The carrier said second-quarter revenue would likely drop as much as 10.5% on the year, more than double the decline analysts polled by LSEG expected.
JetBlue has been on a cost-cutting spree, culling unprofitable routes, and focusing on those with steady demand and high sales for premium seats.
JetBlue earlier this year said it would defer $2.5 billion in aircraft spending until the end of the year.
Revenue dropped 5.1% from last year to $2.21 billion, matching LSEG revenue expectations.
Persons:
LSEG, Joanna Geraghty, Pratt
Organizations:
JetBlue Airbus A321neo, AMS EHAM, JetBlue Airways, JetBlue, Spirit Airlines, Pratt & Whitney, Revenue
Locations:
Amsterdam, Netherlands, New York, Delta, America