Airlines' first-quarter earnings reveal scope of coronavirus pain

Why it matters: This is the first time Southwest has reported a loss in nearly a decade.

• The airline doesn't fly to Asia, so it felt the pain of the pandemic later than its competitors.
• The company is cutting its schedule through July — normally a peak travel season — as flight cancellations remain at an unprecedented high.
• Southwest notes they have been able to maintain their liquidity, but aren't able to project revenue past May.

Worth noting, per Axios' Joann Muller: Southwest's quarterly report also disclosed that there could be further delays in the return to flight for Boeing’s grounded 737 MAX fleet.

• Citing new information from Boeing on the MAX's return-to-service date, Southwest said it doesn't expect to be flying the trouble aircraft before Oct. 30, adding to the woes for both companies.
• Boeing did not immediately respond to a request for comment.

What's next: Other airlines will be reporting their first-quarter numbers in the next week or so.

• United is expecting a pretax loss of about $2.1 billion.
• Delta is expecting an adjusted pretax loss of $422 million.

Go deeper: A lifeline emerges for the devastated airline industry