United Airlines profits nosedive 78 percent in third quarter

United Airlines reports its total revenue dropped 78 percent in the third quarter, slowing from a near 87 percent plunge in the previous quarter as demand for air travel gradually recovered from the coronavirus crisis.

The airline’s daily cash burn fell to $25 million on average in the quarter ended September, from $40 million in the second quarter, and included $4 million per day in severance and debt payments.

United said its quarterly adjusted loss was $2.37 billion, or $8.16 per share, compared with adjusted net income of $1 billion, or $4.07 per share, a year earlier.

The company reported revenue of $2.49 billion and said it had liquidity of $19.4 billion as of the end of the third quarter.