Sabre records $312M revenue loss, IT business revenue exceeds distribution
11/07/2020|11:15:07 AM|Phocuswire

Sabre has reported a net loss of USD 312 million in the third quarter of 2020, citing the negative impact of COVID-19 on all metrics.

The distribution giant says that while revenue in its IT Solutions business has exceeded its distribution revenue, it is seeing improvements in bookings on 19 percentage points quarter-on-quarter.

Sabre reports consolidated revenue of USD 278 million in Q3 compared to USD 1 billion year-on-year with the decline attributed to air, hotel and other travel bookings across the world down because of the pandemic.

Distribution revenue came in at USD 105 million, a decline of 84% year-on-year while IT Solutions revenue was USD 132 million down 46% year-on-year.

In June, Sabre announced a reduction in headcount of 800 which came on top of 400 employees who took voluntary severance or early retirement.

Sean Menke, president and CEO of Sabre, says: "In the third quarter, we saw positive signs as GDS and hospitality bookings steadily improved, along with passengers boarded."

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