JetBlue Airways Corp. (NASDAQ: JBLU) reported a sharp increase in third-quarter revenues, reflecting the resumption of flight operations even as the market-reopening gathers momentum. As a result, net loss narrowed and beat the estimates.
The company reported a net loss of $0.12 per share for the September quarter, on an adjusted basis, which is narrower than the loss analysts had forecast. On an unadjusted basis, it was a net profit of $130 million or $0.40 per share, compared to a loss of $393 million or $1.44 per share in the third quarter of 2020.
Third-quarter 2021 revenues increased multifold year-over-year to $1.97 billion and topped expectations.
“We believe that demand is once again poised to re-accelerate into the peak holiday periods and beyond as people continue to adjust to a new normal. We are marching towards a full recovery and a return to sustained profitability, with margin as our north star,” said Robin Hayes, JetBlue’s chief executive officer.
Shares of JetBlue made modest gains in pre-market trading on Tuesday following the earnings announcement, after closing the previous session higher. In the past six months, the stock lost about 28%.
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