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United Airlines Q3 revenue falls 78%

United Airlines reported third-quarter results on Wednesday that missed the Street's estimates. The airline’s passenger revenue was down 84% year-over-year. Meanwhile, daily cash burn fell to $25 million on an average in Q3, from $40 million in Q2. Emily McCormick breaks down the company's financial results on The Final Round.

Video Transcript

SEANA SMITH: Welcome back to "The Final Round." United Airlines is out with its earnings report. Shares under pressure here after hours, off nearly 2%. Emily McCormick has the numbers for us. Emily.

EMILY MCCORMICK: Hi, Seana. We are seeing United Airlines posting a wider than expected loss here for its fiscal third quarter. Those adjusted losses per share coming in at $8.16 worse than the $7.47 in adjusted losses that the Street had been anticipating.

Now on the top line, we also saw third quarter revenue coming in a bit light here. That was at $2.49 billion, just short of the $2.5 billion expected, and representing a decline of 78% year over year. Also want to highlight that we saw passenger revenues under pressure at $1.65 billion, below estimates for just over $2 billion. Third quarter traffic was down nearly 84%.

Now I want to highlight here some comments that we are getting from CEO Scott Kirby. He said in the company's earnings statement this evening, quote, "Having successfully executed our initial crisis strategy, we're ready to turn the page on seven months that have been dedicated to developing and implementing extraordinary and often painful measures, like furloughing 13,000 team members to survive the worst financial crisis in aviation history."

Now taking a look at shares here, we are seeing those off a bit in late trading. Again, United did post a wider than expected loss. We are expecting that earnings call in the next hour. Seana.

SEANA SMITH: All right, Emily. Certainly a stock that we will keep our eye on here with shares under pressure again. Revenue in the third quarter for United falling 78% compared to a year ago.