UAL - $2.1 billion loss on coronavirus hit

[tsptalk]

Don't forget, this wasn't even a full quarter impacted by the virus.


United Airlines posts $2.1 billion loss on coronavirus hit, seeks more federal aid

United posted a preliminary $2.1 billion loss for the first quarter.

Coronavirus has presented airlines with their biggest-ever crisis.


United says it applied for up government loans of up to $4.5 billion, on top of federal payroll aid it expects to receive.

https://www.cnbc.com/2020/04/20/uni...-amid-coronavirus-seeks-more-federal-aid.html

 

[nasa1974]

What happened to the millions in profits they have gotten over the years?
Maybe the CEO should take a pay cut.
You think the airlines nickel and dimed us before, wait until we start flying again.

 

[James48843]

What happened to the millions in profits they have gotten over the years?

They, just like many other large corporations, used the money to buy back their own stock, artificially boosting the stock price, so the CEO could get his bonus at the end of each quarter for the improved stock price.

Works just great - until a downturn in the market means you lose the entire company because you didn't keep any cash on hand for a rainy day.

Don't worry- the US taxpayer will always be there to bail you out. Right?