Airbus Share Price Gains on Profit Beat

Shares of Airbus (EPA: AIR) are trading about 2.5% higher today after the European airspace giant reported a higher-than-expected quarterly profit.

Airbus reported its underlying operating profit at 820 million euros, which is 49% lower compared to a year ago, but higher than the market consensus. Revenue fell 27% to 11.2 billion euros and lower than the market’s expectations.

Airbus is reportedly aiming to deliver between 500 and 550 units in 2020, down from 863 last year. The company plans to stop burning through cash in the fourth quarter.

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“We believe we will have to live with the circulation of the virus for a long period of time,” Faury said.

Airbus share price closed 0.44% in the red yesterday while it is up around 2.5% today to trade around the €63.00 mark.

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