Sabre Corporation (NASDAQ: SABR) today announced its Q1 2020 financial results.
First quarter 2020 key takeaways include:
•First quarter revenue totaled $659 million
•Net loss attributable to common stockholders of $213 million and net loss attributable to common stockholders per share (EPS) of ($0.78)
•Adjusted EPS of ($0.29)•All metrics were negatively impacted by COVID-19 pandemic
“This is an unprecedented time of disruption in global travel. The COVID-19 pandemic represents a massive challenge to the travel industry. We are a global leader in the retailing, distribution and fulfillment of travel and a mission-critical solutions provider to the global travel industry,” said Sean Menke, President and CEO. “We’ve experienced a rapid decline in airline and hotel bookings, exacerbated by significant cancellations. The environment remains uncertain, with reductions in airline capacity and a volatile macro environment.
“The COVID-19 disruption comes amidst Sabre’s successful execution of a multi-year shift to enhance our strategic positioning, including investment in our technology transformation and new strategic initiatives announced last quarter. Although we continue to work side by side on our technology transformation with Google, there will be delays in other strategic initiatives as Sabre or our customers put projects on hold or furlough employees. In addition, effective May 1, 2020, Sabre and Farelogix have agreed to terminate the acquisition agreement.