Delta was brought down to earth by a worse-than expected net loss of $5.72 billion, a staggering reversal of fortunes after its net income of $1.44 billion for the same quarter last year. Revenues from passengers for the quarter dropped an unprecedented 94 percent to $678 million, with even cargo revenues slipping 42 percent to a mere $108 million. “Given the combined effects of the pandemic and associated financial impact on the global economy, we continue to believe that it will be more than two years before we see a sustainable recovery,” said Delta Chief Executive Ed Bastian in a statement. Besides his bonus package, Bastian will be concerned that the company’s liquidity has been reduced to $15.7 billion after reducing the amount of cash it burns though each day 70 percent since the end of March to “just $27 million. Delta managed to push back maturities on $1.3 billion it had in revolving credit facilities by a year to 2022.
