JetBlue Airways Corporation (NASDAQ: JBLU) on Tuesday announced financial results for the first quarter of 2024, reporting a decline in revenues and a wider net loss.
The company reported a net loss of $716 million or $2.11 per share for the March quarter, compared to a loss of $192 million or $0.58 per share in the same period of 2023. On an adjusted basis, loss per share was $0.43, compared to a loss of $0.34 per share last year.
At $2.21 billion, first-quarter revenue was down 5% year-over-year, reflecting a decrease in passenger revenues. During the quarter, capacity decreased 2.7% year-over-year.
“As we look to the full year, significant elevated capacity in our Latin region, which represents a large portion of JetBlue’s network, will likely continue to pressure revenue and we expect a setback in our expectations for the full year,” said Joanna Geraghty, JetBlue’s CEO.