United’s $2 Billion Quarterly Loss Might Be Its Brightest News of the Year

United Airlines on Monday reported a $2.1 billion pre-tax loss between January and March, the first U.S. carrier to place a dollar amount on first quarter carnage, a period in which demand went from strong to nearly non-existent within weeks because of a once-in-a-century global pandemic. First quarter generally is weakest for U.S airlines, but United has in recent years been making money, reporting $367 million in profit in the first three months of last year. As recently as January, executives expected another strong quarter, reporting reasonable demand in most markets, including China. Then it all came crashing down. First the Chinese market cratered, then Asia more broadly. Next, European demand fell, led by Italy, and then by mid-March, Americans essentially stopped traveling, even domestically. This month, United executives have said demand has fallen to nearly zero, with the airline racing to cut flights while still satisfying U.S