SABRE segments down by 92 per cent
Sabre sales plummeted more than 90 percent as the difficulties of COVID-19 grounded its airline customers, even as some signals turned slightly better of late. “The COVID-19 pandemic represents the greatest challenge ever faced by the global travel industry and our financial results continue to reflect this reality,” CEO Sean Menke said in prepared remarks for a call with analytsts that was posted on the website.
Revenue dropped by 92 percent to $83 million during the second quarter, according to a statement on its website. It posted an operating loss of $384 million compared to a gain of about $82 million a year ago. Industry air net bookings hit their lowest point on a monthly basis in April.
On a positive note, in July, net bookings moved positive in all regions.
Sabre, the Southlake provider of software, is trying to make its way through a massive challenge to the travel industry as COVID-19 has kept folks from heading to airports and staying at hotels around the world.
Menke pointed to steps that addressed the headwinds. That included a reduction in the workforce of about 15 percent in addition to a capital raise of more than $1 billion. “We have also been actively positioning Sabre to take advantage of opportunities on the other side of COVID-19, whenever that time comes,” Menke said in the prepared remarks.
