United Airlines records $1.6B Q2 loss; cargo revenue soars

United Airlines (NASDAQ: UAL) achieved 36.3% growth in cargo revenue in the second quarter after transitioning idle aircraft to cargo-only flights, but the glimmer of good news was overshadowed by a $1.6 billion net loss.

It was the worst quarter in United’s 94-year history. Revenues fell 87% year-over-year as travel demand evaporated because of travel restrictions and fears of infection from the coronavirus, United said. The earnings report, released after the market closed Tuesday, showed the Chicago-based carrier with $15.2 billion in liquid assets and expectations for cash-equivalent assets to be more than $18 million by the end of the third quarter.

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