United Airlines' revenue dropped 87% in second quarter

United Airlines lost $1.6 billion in the second quarter of 2020. This is in sharp contrast to its profit of $1 billion during the second quarter of 2019. According to the New York Times United "lost an average of $40 million a day in April, May, and June." It plans to reduce that to $25 million dollars per day during the third quarter. At that rate Jeff Bezos but be able to keep United running for 20 years.

From The New York Times:

Air travel reached new lows in the second quarter, with the number of people flying falling as much as 96 percent on some days in April compared to last year. Traffic had started to recover in May and June, but stalled this month as coronavirus infections spread around the country and states imposed new travel restrictions. On Monday, the number of people screened at airport checkpoints was down 74 percent compared to last year.

As a result, United and other airlines have had to scale back schedules for August. The airline now expects to fly about 35 percent as many flights next month as it did last August and says the rest of the year will probably be much the same.