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United Airlines loses $1.6 billion in 'most difficult financial quarter' in its history

United Airlines announced on Tuesday that it lost $1.6 billion in its second quarter, an 87 percent drop from a year earlier, due to the coronavirus pandemic limiting travel.

The airline said this was "the most difficult financial quarter in its 94-year history." For the same quarter in 2019, United posted a $1.05 billion profit.

To cut costs, United will fly 35 percent of its normal schedule through September. It is also bracing for mass layoffs, recently saying that unless there is more demand for travel, the company might have to cut half of its domestic workforce. About 6,000 employees have accepted voluntary buyout packages.