Southwest Airlines Co. (NYSE: LUV) on Tuesday reported first-quarter 2020 earnings results. While the revenues missed Wall street projection, earnings were better than what analysts had anticipated. The airline company added that it expects operating expenses to decline 90-95% in May 2020, beyond which, estimation was not possible.
LUV shares fell 2.2% immediately following the announcement. The stock has tumbled 47% since the beginning of this year.
Last week, Delta Air Lines (NYSE: DAL) reported revenue of $8.6 billion, down 18% year-over-year, hurt by COVID-19.