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A surge in labor costs hurts JetBlue's (JBLU) Q1 bottom line.
As a top transportation union seeks to organize JetBlue mechanics and dispatchers, it has won backing from 160 members of Congress, who have charged the carrier with interfering in the effort.
JetBlue is removing and scaling back routes as it tries to regain profitability. The air carrier on Tuesday (April 23) released earnings that showed the company reducing its revenue forecast for the year, as it exits some cities and reduces flights out of Los Angeles.
In the first quarter, the airline industry's excessive capacity expansion in Latin America leisure markets slightly wounded Delta and United. But it decimated JetBlue results.
JetBlue Airways (NASDAQ:JBLU) shares have slumped 16% after it lowered its full-year sales forecast, likely delaying the group's journey back to profitability. In the 2024 financial year, revenues are expected to fall by a low single digit, representing a drop compared to analysts' guidance.
While the top- and bottom-line numbers for JetBlue (JBLU) give a sense of how the business performed in the quarter ended March 2024, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
After leaving JetBlue Airways just a few months ago due to health reasons and stress, Robin Hayes is taking over Airbus' North America operations.
JetBlue reported revenue this quarter will fall more than analysts expected and sees second-quarter revenue declining as much as 10.5% year over year. George Ferguson of Bloomberg Intelligence has more.
JetBlue Airways Corporation (NASDAQ: JBLU) says its loss widened on a year-over-year basis in Q1. Shares of the air carrier are down 10% at writing.
JetBlue said second-quarter revenue would likely drop as much as 10.5% on the year.