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Key points JetBlue stock rose more than 20% on Tuesday. .While revenue and earnings were down, they were better than expected. The company laid out its JetForward strategy, which involves cost cutting and route optimization. JetBlue (NASDAQ: JBLU) stock was flying high on Tuesday, as one of the day’s biggest gainers, up more than 13% to almost $7 per share. It had been up more than 20% at its high point on Tuesday. While the earnings numbers weren’t great for the struggling airline, they were far better than analysts had expected. JetBlue saw revenue decline 7% in Q2 year-over-year to $2.4 billion, but it was better than Wall Street analysts projected. Net income was just $25 million, or 7 cents per share, but the consensus among analysts called for a 13 cents per share loss. Still, net income was off 82% from the same quarter a year ago. With Tuesday’s gains, JetBlue stock is up about 24% year-to-date (YTD). Can it maintain its momentum? JetBlue jets forward after merger with spirit is rejected JetBlue hit some turbulence earlier this year when its bid to acquire low-cost carrier Spirit Airlines was rejected by a federal judge. JetBlue had argued that the combination of the two mid-sized airlines would create a larger player to compete with the big three, thus increasing competition in the space. But the judge saw it differently, rejecting the proposal because it would take a low-cost option off the market. This forced JetBlue to forge ahead, under new CEO Joanna Geraghty, with a new strategic plan called JetForward to drive profitability. The JetForward strategy is focused on driving efficiencies, cutting costs, and focusing on the most profitable networks. “We are actively reinvesting in our core geographies in New York, New England, Florida and Puerto Rico, while exiting routes…

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Filed under: News - @ July 31, 2024 6:48 am