Delta Air Lines' Underwhelming Second Quarter

Episode Notes

Despite a record number of people traveling this summer, quarterly results from Delta — one of the most profitable U.S. airlines — fell short of expectations, writes Airlines Reporter Meghna Maharishi.

Delta reported record revenues for the second quarter but profits dropped 29% largely due to a surplus of seats and higher fuel costs. President Glen Hauenstein said domestic seat growth this summer has surpassed demand, affecting main cabin revenues. Hauenstein added that Delta expects to take a $100 million revenue hit this summer to the Paris Olympics. 

Next, 12 companies in the travel industry raised at least $100 million during the first half of 2024, writes Travel Technology Reporter Justin Dawes.

Dawes notes a big jump from the same period last year, when only two travel startups raised that amount of money. Travel startups raised roughly $2.8 billion through the end of June, more than double the figure last year. Skift Research predicts that 2024 will see fewer deals than 2023, but their larger average size is expected to boost overall funding compared to last year’s record low. 

Finally, the Banyan Group is on a growth spree. The Singapore-based luxury hotel operator is set to open a record number of properties this year, reports Senior Hospitality Editor Sean O’Neill. 

Banyan Group will have opened 10 hotels and resorts by December, and its flagship brand Banyan Tree is set to open five hotels this year — including its first in Japan. In addition, Bayan Group plans to expand into the Bahamas as well as launch a platform helping homeowners rent out their residences. 

For more travel stories and deep dives into the latest trends, head to skift.com.