United Airlines Posts $1.8 Billion-Dollar Net Loss and Fastly Shares Down Over 25% in After-Market Trading
The onslaught of airline stocks continued Wednesday after United Airlines reported that it posted a $1.8 billion dollar net loss in the third quarter with a continued slump in travel demand due to the coronavirus.
In the quarter, the company lost around $25 million dollars per day. When compared to last quarter, believe it or not this data is a step in the right direction. Will things slowly turn around?
After the company lowered its third quarter guidance, Fastly shares dropped over 25% in after-hours trading. Fastly’s technology allows people to more rapidly view and retrieve digital media or content.
Now, Fastly expects revenue from $70 million to $71 million rather than their previous expectations of $73.5 million to $75.5 million. Investors didn’t like the news and that is clearly reflected in the deep plunge that came afterward.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.