Delta vows to cut daily cash burn as revenue plummets
The airline expects second-quarter revenue to tumble by 90%
New York — Delta Air Lines vowed on Wednesday to cut its daily cash burn in half as the carrier rushes to scale back operations amid a collapse in travel demand. The shares rose.
The company will go through only $50m a day when the second quarter draws to a close, CFO Paul Jacobson said in a statement as Delta reported its first adjusted quarterly loss since 2012. The cash usage figure was $100m at the end of March as the coronavirus pandemic spread and demand for air travel evaporated...