JetBlue Withdraws Q1 & 2020 Guidance On Coronavirus Scare
Zacks Investment Research | Mar 09, 2020 11:02PM ET
JetBlue Airways Corporation (NASDAQ:JBLU) withdrew its first-quarter 2020 and full-year outlook amid uncertainty surrounding the novel coronavirus’ impact on air travel demand. Following this announcement, shares of the company declined 3.5% at the close of business on Mar 9.
Plagued by virus-related fears, the company was experiencing “significant deterioration” in forward bookings since late February. The airline is taking substantial measures to counteract the effect of this decrease in travel demand. Earlier in the month, JetBlue announced plans to cut capacity by approximately 5% in the near term. The carrier is also making cost-control efforts, such as "delaying or canceling upcoming events and meetings" and "reducing hiring for frontline and support center positions".
Shares of the company have plunged more than 33% in a month compared with the Zacks Investment Research
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