Delta Airlines stock jumps 6% on strong Q1 revenue numbers

[syamfx2020]

Shares of Delta Air Lines (NYSE: DAL) jumped 6% on Wednesday after the company reported a smaller-than-expected quarterly loss in its first quarter. Though the airline reported a net loss of $940 million in the last quarter, the Delta still expects to be profitable for the rest of this year. On Wednesday, Delta CEO Ed Bastian said, “The last five weeks have been the highest bookings in our history,”.

Delta reported $9.35 billion in revenue in the quarter ended March 31, more than double its revenue from first quarter of last year. The airline also said monthly revenue exceeded pre-pandemic levels for the first time in March. Delta reported losses of $1.23, which was better than the $1.27 losses expected.

• Loss per share: $1.23 vs. $1.27 expected
• Revenue: $9.35 billion vs. $8.92 billion expected

"With a strong rebound in demand as omicron faded, we returned to profitability in the month of March, producing a solid adjusted operating margin of almost 10 percent. As our brand preference and demand momentum grow, we are successfully recapturing higher fuel prices, driving our outlook for a 12 to 14 percent adjusted operating margin and strong free cash flow in the June quarter," Delta Airlines CEO, Ed Bastian said.

$DAL closed above $41 on Wednesday. The stock has a 52-week low of $29.75 and a 52-week high of $49.50. In the short-term, If the bullish momentum continues the next upside levels to watch are $44.20 and $45.40. On the downside, the immediate support is around $38.

On Wednesday, Delta’s rival American Airlines (NASDAQ: AAL) stock gained more than 10%. The world’s largest airline is scheduled to post its quarterly earnings results before the market opens on Thursday, April 21st.

Read the original article here - https://gulfbrokers.com/en/delta-airlines-stock-jumps-6-on-strong-q1-revenue-numbers