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Southwest Airlines announces first quarterly loss in nearly 10 years

This July 17, 2019 file photo shows Southwest Airlines planes at Phoenix Sky Harbor International Airport in Phoenix. Southwest Airlines posted its first quarterly loss in nearly a decade and said Tuesday, April 28, 2020 that the downturn in air travel that began in late February shows no signs of letting up. (AP Photo/Ross D. Franklin)
This July 17, 2019 file photo shows Southwest Airlines planes at Phoenix Sky Harbor International Airport in Phoenix. Southwest Airlines posted its first quarterly loss in nearly a decade and said Tuesday, April 28, 2020 that the downturn in air travel that began in late February shows no signs of letting up. (AP Photo/Ross D. Franklin) (Copyright 2019 The Associated Press. All rights reserved)

Southwest Airlines had its first quarterly loss in almost a decade, the Dallas-based airline announced Tuesday.

Across the country, air travel is down about 95 percent, The Associated Press reported. Southwest expects revenue to drop at least 90 percent in April and May compared with the same period last year. Its planes are expected to be 10 percent full at most, according to a written statement from the airline.

“This is an unprecedented time for our nation and the airline industry,” Gary Kelly, the airline’s chairman and CEO, said in a written statement. “The U.S. economy has been at a standstill, and the current outlook for second-quarter 2020 indicates no material improvement in air travel trends.” — Stacy Fernández