Still collapsed revenues, astronomical losses, red-hot cash-burn, hellish new piles of debt. Meanwhile, amid craziest markets ever, airline shares soared.
By Wolf Richter for WOLF STREET.
United, the US airline with the most flights to China, started suspending some flights between the US and Shanghai, Beijing, and Hong Kong in the first week of February 2020 due to a “significant decline in demand,” it said at the time as the then new coronavirus was spreading. “We will continue to monitor the situation as it develops and will adjust our schedule as needed,” it said. This was followed by flight suspensions and travel bans across the globe. By April, the airline passenger business had collapsed. So where are we now?
Over the past seven days, not quite 707,000 passengers per day on average passed TSA checkpoints at US airports, a measure of how many passengers in the…