Delta’s net profit plummet in second quarter, corporate travel on the rise

Delta Air Line’s shares tumbled over 8% in pre-market trading on July 11, 2024, after its disappointing second quarter results.  The US carrier reported a GAAP net profit of $1.3bn, or $2.01 per share, for the second quarter, plummeting 29% from the same period last year. Delta’s adjusted earnings per share (EPS) of $2.36 fell short of TD Cowen and Bloomberg’s estimates of $2.40 and $2.38 respectively.   TD Cowen analysts Thomas Fitzgerald and Helane Becker said: “Oversupply in the domestic market and aggressive discounting look to be weighing on fares. While we had flagged this as a risk, we