JetBlue shares jump after surprise profit in second quarter

JetBlue Airways shares jumped more than 17% on Tuesday after the airline posted a surprise profit and said it would defer another $3 billion in aircraft spending through 2029 to improve cash flow.

The New York-based airline has been cutting unprofitable routes and reducing costs to get back to profitability as it faces higher expenses and an oversupplied domestic market. It said on Tuesday that it has halted 50 routes and is focusing more on its service in New York, New England and Puerto Rico, where it has historically been strong.

JetBlue posted a $25 million profit for the second-quarter, down nearly 82% from last year. Wall Street analysts had expected a quarterly loss.

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