SABRE swung to a loss for the second quarter as the Covid-19 pandemic has decimated global travel and said recent gains in air bookings aren't enough to signal a shift in the travel environment.
The travel-booking technology company on Friday posted a net loss of $444.1 million, or $1.61 a share, compared with a profit of $27.84 million, or 10 cents a share, in the year-ago period.
Adjusted losses were $1.30 a share, wider than the 87 cents a share analysts polled by FactSet were expecting.
Revenue fell 92% to $83 million from the same period last year. Analysts were looking for $168.6 million.
"Although we exited the quarter with positive net air bookings in June for the first time since early March and stronger improvement in hotel bookings, the overall travel environment remains severely depressed," President and Chief Executive Sean Menke said.
The company said it saw 89% fewer passengers boarding flights during the quarter.
Sabre in June said it would cut 800 jobs as part of a realignment of its airline and agency-focused businesses. That was on top of the elimination of 400 jobs it had planned.
The company has withdrawn its guidance due to the pandemic. "We continue to take the cost actions necessary in this difficult environment," Finance Chief Doug Barnett said.