SOUTHLAKE, Texas (AP) _ Sabre Corp. (SABR) on Friday reported a second-quarter loss of $444.1 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Southlake, Texas-based company said it had a loss of $1.61. Losses, adjusted for restructuring costs and costs related to mergers and acquisitions, came to $1.30 per share.
The results did not meet Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 78 cents per share.
The provider of technology services to the travel industry posted revenue of $83 million in the period.
In a presentation on the earnings posted to the company’s website, Sabre said Q2 bookings were significantly impacted by COVID-19.
“We have responded quickly and are aggressively managing that which is in our control,” said Sabre President and CEO Sean Menke in prepared remarks. “As COVID-19 started impacting bookings in Asia, we took immediate action to reduce expenses. As the impact of the virus spread, we made more significant cuts, including a large-scale furlough of about a third of our workforce and a capital raise of more than $1.1B dollars.”
Sabre shares have decreased 63% since the beginning of the year. The stock has fallen 67% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SABR at https://www.zacks.com/ap/SABR
Additional reporting by FWBP Staff