JetBlue Airways shares tumbled more than 9% in premarket trading on Tuesday after the airline lowered its 2024 revenue forecast, a setback as the carrier tries to return to profitability.
JetBlue said second-quarter revenue would likely drop as much as 10.5% on the year, more than double the drop analysts polled by LSEG expected. The New York-based carrier forecast full-year sales would drop in the low single digits, after estimating flat sales for the year in its January report.
“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,” CEO Joanna Geraghty said in an earnings release. “We have full confidence that continuing to take action on our refocused standalone strategy is the right path forward to ultimately return to profitability again.”
This is breaking news. Check back for updates.
