Shares of the Atlanta carrier at last check were down 8.9% to $31.14.
"As a result of the covid-19 pandemic," Delta said in a regulatory filing, "we expect our revenue for the second quarter ended June 30, 2020 to be reduced by 90% compared to our revenue for the second quarter ended June 30, 2019, with systemwide capacity down 85%, compared to the June 2019 quarter."
FactSet's survey of analysts is forecasting second-quarter revenue of $1.52 billion.
Delta also that it expected to cut its average daily cash outflow to about $40 million by June 30 from about $100 million at March 31. The carrier said that it wanted to reduce cash burn to zero by year's end.
The airline industry has been hit hard by the coronavirus outbreak, the steps taken to slow the spread of the disease, and the collapse of the travel industry.
Delta said the improvement in average daily cash outflow "would result from modest continued demand recovery, particularly with domestic leisure travel beginning to return as states lift shelter-in-place orders, and additional cost-cutting initiatives."
The airline said it had raised more than $10 billion since early March through various arrangements, including issuing $3.5 billion of senior secured notes due 2027 and entering into two secured term loan facilities, with total net proceeds of about $4.4 billion.
The company also said it had received $3.8 billion in funding through the payroll support program under the Coronavirus Aid, Relief and Economic Security, or Cares, Act.
"The rapid spread of the virus and measures implemented to combat it have had, and will continue to have, a material adverse effect on our business," Delta said.
"Moreover, the longer the pandemic persists, the more material the ultimate effects are likely to be. It is likely that there will be future negative effects that we cannot presently predict, including near-term effects."