JetBlue forecasts higher fourth-quarter cash burn.
JetBlue Airways said Monday that it expects the cash burn to increase to about $8 million per day in the fourth quarter, citing recent booking trends and a delay in tax refunds, Reuters reported.
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“Booking trends remain volatile and the company continues to believe that demand and revenue recovery will be non-linear through the fourth quarter and beyond,” said the New York-based airline.
It expects the average daily cash burn in the fourth quarter to be between $6 million and $8 million, compared with the previous forecast of between $4 million and $6 million.
It also predicted a 70% drop in revenue, compared with its previous expectation of a drop of about 65%.
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