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Jetblue Airways (JBLU.US) Ups Q3 Revenue Expectations After Competitor's Tech Failure
Written byMarket Vision
Thursday, Sep 5, 2024 9:00 am ET1min read
Jetblue Airways (JBLU.US) raised its third-quarter sales forecast after benefiting from rival competitors' cancellations due to a technical glitch in July, the airline said in a filing with regulators on Thursday. The company now expects revenue to fall between 2.5% and 1% in Q3, up from a previous forecast of a 5.5% decline. Jetblue also lowered its fuel and non-fuel expense expectations.
Jetblue said "revenue growth was driven by customer rebookings from other airlines' cancellations" and monthly bookings in Latin America also improved.
A software update error at CrowdStrike (CRWD.US) in July disrupted multiple industries for days, forcing airlines to cancel thousands of flights. Delta Air Lines (DAL.US) was hit the hardest, while some airlines largely avoided the issues by using backup systems.
As of writing, Jetblue was up 4.35% in premarket trading.
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