JetBlue posts a surprise Q2 profit and will delay new planes to cut costs and rebuild the business
Associated PressNEW YORK — JetBlue Airways reported a $25 million profit for the second quarter, and executives on Tuesday described a strategy of cutting costs to rebuild the business, sending the company’s shares sharply higher. The small profit was down 82% from a year ago, but it was a surprise to analysts who expected the New York-based airline to post a loss for the April-through-June quarter, which includes a big chunk of the peak summer travel season. JetBlue announced that it would delay plans to buy about $3 billion worth of Airbus jetliners through 2029 as it cuts costs and hopes to generate gross profit of between $800 million and $900 million by 2027. JetBlue is under new leadership, with Geraghty, who took over as CEO in February, and two new board members who were appointed after financier Carl Icahn took a large stake in the company.
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