What's going on?

Delta Air Lines � the world�s largest carrier � reported disappointing third-quarter results on Tuesday, with its investors bracing for yet more turbulence�

What does this mean?

Delta had breezily forecast that quarterly revenue would land some 75% lower than the same time last year: the pandemic, having initially sapped would-be customers� ability to travel, continued to reduce their appetite for non-essential adventure. But the airline fell slightly short of even this low-altitude prediction, revealing revenue declines of 76%. A greater-than-expected loss of $5.4 billion duly ensued. That�s a figure some analysts might be happy with, however, given Delta burned through �just� $18 million daily � compared to $27 million in the second quarter and $100 million a day back in March.

Why should I care?

The bigger picture: Not flying solo.

Delta�s stock fell around 3% on Tuesday � but so did shares of rival airlines at home and abroad. That might�ve been down to Delta�s reiteration of warnings that flight demand won�t recover for at least two years. Any revival of the long-haul, business class, and international flights where Delta normally makes hay looks particularly unlikely, but short-haul flights are suffering too. British low-cost carrier EasyJet announced its first-ever annual loss last week � and while it�s raised enough fresh cash to maintain a holding pattern for now, the company reckons more UK airlines will soon crash-land unless the government extends further support.

Zooming out: Walking in the air.

The US industry may risk a similar fate now that April�s $25 billion bailout package is running on fumes. While the prospect of additional assistance has been floated to keep airline workers from losing their jobs, their fate looks linked to Americans� at large. Warring factions of the US government still can�t decide how much extra economic support to roll out overall, delaying help for even those industries they appear to agree need it.