Southwest Airlines (LUV) Q2 earnings: CEO says ‘air travel demand to remain depressed’

Southwest Airlines (NYSE: LUV) reported a loss of $915 million or $1.63 per share on a GAAP basis and loss of $1.5 billion or $2.67 per share on an adjusted basis for its Q2 2020. The airline carrier’s revenue in the second quarter plunged 83% to $1 billion, hurt by the pandemic.

LUV stock, which had lost 38% of its value so far this year, was down about 1% in the pre-market trading session.

“We expect air travel demand to remain depressed until a vaccine or therapeutics are available to combat the infection and spread of COVID-19. We will adjust our flight schedule aggressively and frequently in response to this volatile demand environment,” said CEO Gary Kelly. 

Check out Southwest Airlines Q2 2020 earnings call transcript