JetBlue Airways Corporation (NASDAQ: JBLU) on Tuesday announced financial results for the fourth quarter of 2023, reporting a net loss compared to a profit last year.
The company reported a net loss of $104 million or $0.31 per share for the December quarter, compared to net income of $24 million or $0.07 per share in the same period of 2022. On an adjusted basis, loss per share was $0.19, compared to earnings of $0.22 per share last year.
At $2.33 billion, fourth-quarter revenue was down 4% year-over-year, reflecting a 5% decrease in passenger revenues. Meanwhile, capacity increased 3.3% year-over-year in the three months.
“We remain intensely focused on restoring profitability, taking steps to ensure every dollar we invest is making an impact. As part of these efforts, we are carefully evaluating deeper cuts to our controllable costs beyond our ongoing fleet modernization and structural cost programs,” said Ursula Hurley, JetBlue’s CFO.