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United reports 'most difficult' financial quarter in its 94-year history

United saw a 93.4% drop in passengers in the 2nd quarter.

CHICAGO — United Airlines Holdings Inc.'s latest quarter was tough. How tough?

The second quarter was the "most difficult financial quarter in its 94-year history," the airline said, reporting a quarterly loss of $1.6 billion and a year-over-year revenue drop of more than 87%.

In the latest quarter, United Airlines saw a 93.4% drop in passengers, falling to 2.8 million passengers carried in April, May and June 2020 compared with 42.6 million the same period a year earlier.

Total operating revenue fell to $1.47 billion from $11.4 billion a year earlier, and the company reported a loss of $5.79 per share, compared with earnings of $4.02 a year earlier. But those results are better than analysts' expectations. Analysts polled by Thomson Reuters First Call expected a second-quarter loss of $9.02 per share, and expected revenue to fall to $1.32 billion.

United officials said they reacted quickly to the COVID-19 crisis.

Read more at the Denver Business Journal

RELATED: United says all passengers waiting for planes must now wear masks

RELATED: Colorado unemployment claims fall below 9,000

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