Bankrupt Yellow swings to a loss as revenue falls more than 20%

Shares of Yellow Corp.
YELL,
-20.81%,
the trucking company that filed for bankruptcy earlier this week, slumped 6.8% in premarket trading Wednesday after the company reported it swung to a second-quarter loss on revenue that fell more than 20%. The net loss came in at $12.3 million, or 28 cents a share, after net income of $61.5 million, or $1.15 a share, in the year-ago period. Revenue fell 20.9% to $1.13 billion. There weren’t enough analyst estimates for FactSet to have a consensus for per-share losses are revenue. The company said its bankruptcy filing followed a “substantial workforce reduction impacting all areas of the organization” on Aug. 6. The stock had run up 24.2% on Tuesday after plunging 30.5% on Monday following the bankruptcy filing. It had soared 116.9% over the past three months, but has shed 57.2% over the past 12 months.