Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Stock Markets

12 Oct 2021

American Airlines Reports Smaller Than Expected Loss for Third Quarter

The Index Today

American Airlines released its latest revenue forecast with a minor adjusted net loss for the remaining quarter. The airline hopes to boost revenue and take advantage of expected growth in demand during the holiday season.

In premarket trading, American Airlines saw shares rise to 1.1% to $20.36. As summer season comes to a close, most airlines had to readjust the outlook for the upcoming quarter as the Delta variant spread. This led to more cancellations of flights and a decline in new bookings.

However, as the number of infections begin to decline, more people are expecting to travel during Christmas season. This has raised hopes for higher demand for flights. American Airlines is expected to declare a loss between $620 million and $675 million in this quarter. This points to a 25% decline in revenue compared to forecast of 24%-28%.


©Photo: wallpaperaccess

Clay pottery with table linens