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U.S. airlines had their worst year ever in 2020 due to the coronavirus pandemic, and a rebound in travel remains out of reach.
Southwest Airlines Co. lost nearly $3.1 billion last year—its first annual loss since 1972, the year after the Dallas, Texas-based carrier began flying. The airline lost $908 million during the fourth quarter.
American Airlines Group Inc. on Thursday reported a record $8.9 billion loss last year, and lost $2.2 billion during the fourth quarter. But losses at both American and Southwest were narrower than analysts expected.
American’s shares surged 46% to $24.24 in premarket trading. The company was named Wednesday on Reddit’s popular WallStreetBets forum, where individual investors have encouraged one another to pilot into stocks with high levels of short interest, prompting extreme share price increases. Shares of Southwest, which hasn’t attracted as much short interest as American, rose 5.4% to $46.51 in premarket trading.