Airlines lose billions as demand ‘stalled,’ CEOs warn recovery hinges on a coronavirus vaccine

American Airlines and Southwest Airlines on Thursday posted quarterly losses and their CEOs warned about slipping demand as coronavirus cases rise in many parts of the U.S.

Revenue tumbled at both Texas-based carriers during the second quarter as the virus spread around the U.S, dropping more than 86% in the quarter at American to $1.6 billion from close to $12 billion a year earlier. Southwest’s sales fell nearly 83% to a little over a $1 billion from $5.9 billion last year.

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