United Airlines (UAL.US) stock fell more than 6% after the company posted disappointing quarterly figures. United reported quarterly loss of $7 per share, while analysts' expected loss of $6.60. Revenue also came in below forecasts due to low demand during the coronavirus pandemic. The daily cash burn rate averaged $23 million vs. $21 million in Q3. The carrier is planning to reduce annual costs of $2 billion through 2023 as it tries to navigate a path to recovery. Company expects that demand will be low also into the first quarter, forecasting that operating revenue will fall as much as 70% as the uneven rollout of Covid-19 vaccines is expected to fuel a choppy recovery in air travel. "Aggressively managing the challenges of 2020 depended on our innovation and fast-paced decision making. But the truth is that Covid-19 has changed United Airlines forever," said United Airlines CEO Scott Kirby in a statement.
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