The Fog Is Starting To Clear -- Covid-19 Will Be Economically Devastating -- July 14, 2020

With that subject heading, I may be my own nominee for the 2020 Geico Rock Award. LOL.

It's not that we didn't see it coming, it's the "words" now being used to describe the economic impact.
From Yahoo!Finance:

Delta Air Lines on Tuesday reported a steep plunge in second quarter revenues and profit, as the COVID-19 pandemic hammering the travel industry ravaged the company’s bottom line.

Here were the main results from the report:

• revenue: $1.2 billion vs. $1.43 billion expected
• adjusted loss per share: $4.43 vs. $4.22 expected
• adjusted pre-tax loss: $3.9 billion
• adjusted net income loss: $2.81 billion vs. $2.66 billion expected

With worldwide travel demand crushed by the coronavirus pandemic, Delta CEO Ed Bastian said in a statement that the quarter’s results “illustrates the truly staggering impact of the COVID-19 pandemic on our business.”

Over the last year, the company lost over $11 billion in revenue, but raised nearly $15 billion in financing ...

Delta says it had $15.7 billion in liquidity at the end of Q2, with an option to borrow an additional $4.6 billion from U.S. taxpayers.

However, the air carrier posted total adjusted revenue of $1.2 billion, representing a staggering 91% dive from the comparable year-ago period, as Delta was forced to shave capacity by 85%.

Even still, the company intends to join other air carriers by spending more on anti-coronavirus cleaning protocols.

Meanwhile, passenger traffic was down 93% in Q2 versus the comparable year-ago period. As a result, Delta intends to retire its fleet of MD 88, MD 90, 777 and 737-700 aircraft.

The airline cut its total operating expenses by $5.5 billion during the quarter, as more than 40,000 employees took voluntary leaves of absence protected by the CARES act deal.

Delta also parked more than 700 aircraft, which helped it cut its average daily cash burn from $100 million to $43 million. In June it fell to $27 million.