Southwest Airlines recorded its biggest loss on Thursday after a corona virus infection hurt the summer travel season.

Revenue was down 68% to $ 1.79 billion. The Dallas-based carrier lost $ 1.2 billion in the three months ending Sept. 30, up from $ 659 million a year earlier. Adjusting for one-time items, Southwest’s stock loss is 99 1.99, which is better than analysts ’expectations of 35 2.35 per share loss.

Booking has improved in recent months, the carrier said, but warned that recovery is still a long way off.

“We have been encouraged by modest improvements in retiree transportation trends since demand fell in July,” CEO Gary Kelly said in a revenue release. “However, we expect passenger traffic and booking trends to remain weak until we reach the widely available vaccines and herd immunity.”

In the three months ending Sept. 30, Southwest cut its currency to an average of $ 16 million a day, from $ 23 million in the second quarter. Operating earnings are expected to recover by 60 to 70% in 2019 levels, doubling third-quarter sales and even breaking, Southwest said.

Here is how the Southwest performed compared to what Wall Street expected, based on Refinitive compiled averages:

• Adjusted EPS: 99 1.99 loss against $ 2.35 loss per share.
• Revenue: 79 1.79 billion and 79 1.7 billion, expected.

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