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Updated from 10:39 a.m. EDT
Shares in United Airlines parent UAL(UAUA Quote) plunged 37% Tuesday after the carrier missed analysts' estimates for the latest quarter and said it will lay off 1,100 workers.
United lost $537 million in the first quarter, driven primarily by a $518 million increase in fuel costs. The loss was equal to $4.45 a share. Analysts surveyed by Thomson Financial had expected a loss of $3.41. Revenue rose 7.7% to $4.71 billion, but fell short of the consensus Wall Street estimate of $4.75 billion.
In response, United announced staffing and fleet reductions. The carrier said it will cut 500 salaried and management jobs and about 600 union-represented workers by the end of the year. ...
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