JBLU - Why JetBlue Stock Is Down Big Today
2023-08-01 13:15:52 ET
JetBlue Airways (NASDAQ: JBLU) reported second-quarter results that came in slightly ahead of expectations, but provided guidance that fell significantly short of expectations. Investors are booking alternative accommodations, sending shares of JetBlue down as much as 11%.
JetBlue, like other airlines , is seeing significant demand and full planes this summer. The company reported second-quarter adjusted earnings of $0.45 per share on revenue of $2.61 billion, slightly edging Wall Street's consensus of $0.44 per share on $2.6 billion in sales.
Revenue was up 6.7% year over year, and operating expenses decreased by 12.2% as the company realized about half of a planned $75 million in savings from its fleet modernization program.
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Why JetBlue Stock Is Down Big Today