American Airlines lost more than $2.2 billion in the first three months of the year — its biggest quarterly loss since 2008 —as the coronavirus pandemic drove down demand for air travel.
American’s revenue dropped nearly 20% from a year earlier to $8.52 billion, slightly below analyst estimates. Shares were down more than 3% in morning trading.
American, like other airlines is facing a sharp decline in passengers because of the coronavirus pandemic. U.S. airline travel volumes dropped by about 95% in recent weeks from a year earlier as travelers stay home because of concerns about the virus and shelter-in-place orders.