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Yahoo Finance Live anchors discuss second-quarter earnings for JetBlue.
JULIE HYMAN: All right, so let's get to some other movers now. JetBlue is one of them. That company missing on the top and bottom lines in terms of its numbers. Of course, also what's going on for the company is that Spirit has an acquisition here.
And so we are watching the company, despite all of the strong demand that it's seeing, really seeing that crimping of profitability, in particular, fuel a big part of that. The company's costs going up 89% in the quarter to about $2 and 1/2 billion. $910 million of that is on fuel-- was on fuel. And it has started now a new cost reduction program. It says it's aiming to get-- oh, am I stealing your [INAUDIBLE].
BRIAN SOZZI: Aw, come on, I wanna [INAUDIBLE] too!
JULIE HYMAN: All right, I'll stop talking. You go ahead.
BRIAN SOZZI: I'll just give the number.
JULIE HYMAN: Go ahead.
BRIAN SOZZI: I'll just give the number. This cost savings program, as Julie mentioned, new to JetBlue, looking to save $250 million in cost savings through 2024. It's not something I've heard from JetBlue in the past, but it's looking that is going to come from accelerating the retirement of planes, which they would be doing for the first time in their history.
BRAD SMITH: Yeah, when I look at a report like this, do a Crtl+F for two things. Number one, its capacity and what the capacity actually looks like. It increased by 2.3% year over three, so looking back to pre-pandemic times. And that's compared to the increase of 2% to 3% that they were looking for previously. And the revenue also increased on that increased capacity as well. Revenue increased 16.1% year over three.
The other Ctrl+F that you look for, obviously, Spirit, as we were talking about a moment ago as well. And they're expecting to achieve this number, $600 to $700 million in net annual synergies once this integration is complete. If it completes fully is the big question, too.
BRIAN SOZZI: We'll get more insight. We're going to speak to JetBlue CEO, Robin Hayes, later on, I believe in the 4:00 PM hour. Looking forward to catching up with Robin. It's been a busy few weeks for him, to say the very least.
JULIE HYMAN: Yeah.
BRIAN SOZZI: Busy day.
JULIE HYMAN: That's a long day for you also.
BRIAN SOZZI: I make it happen.
JULIE HYMAN: Yes, you always do.