JetBlue Sees Revenues Fall, Followed by Deeper Cuts as Costs Rise

A JetBlue Airbus A320 at JFK
JetBlue Airways announced financial results for the fourth quarter and full calendar year 2023.
The New York-based carrier is seeking to plot its flight path forward after a judge rejected its planned acquisition of Spirit Airlines earlier in the month.
Forecasting a fall in revenue and higher costs in the first quarter of 2024, the airline said it was evaluating deeper cost cuts as it struggles with uneven demand for travel.
The New York-based airline reported a net loss of $104 million for the final quarter of  2023, compared with a $24 million profit in the same period in 2022.
Revenue for the fourth quarter was down 3.7% year over year.
As revenue declines and costs rise, JetBlue said it has been adjusting its network to focus on more profitable flights.
“Demand during peak periods remains strong, and we continue to manage our capacity during off-peak periods to reflect evolving demand trends,” said the airline’s current COO and incoming CEO, Joanna Geraghty, in the earnings release. “We plan to continue to refine our network and product offering to better serve our leisure customers while diversifying revenues with margin-accretive initiatives.”
(Photo: Accura Media Group)