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Delta Warns Of Q2 Revenue; Berkshire Cuts Delta, Southwest Stakes

Delta Air Lines Inc. (DAL) expects its revenue for the second quarter to be down 90 percent. The second quarter will be even more difficult than the first as the Covid-19 pandemic continues to evolve.

The airline continues to see its passenger volumes and revenues drop. Last Saturday it had about 38,000 customers flying, compared to normal late-March Saturday of 600,000.

The company said it knows it still haven't seen the bottom, even as it is burning more than $60 million in cash every day.

In April, the airline's schedule will be at least 80 percent smaller than originally planned, with 115,000 flights cancelled.

"I wish I could predict this would end soon, but the reality is we simply don't know how long it will take before the virus is contained and customers are ready to fly again," Delta Chief Executive Officer Ed Bastian told employees.

Meanwhile, Warren Buffett's Berkshire Hathaway disclosed in a regulatory filing that it cut its Southwest Airlines holding by 4% and its Delta Air Lines stake by 18%.

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