Continental widens loss, cuts 1,700 jobs

About 1,700 jobs are to be cut at Continental Airlines Inc., which on Tuesday reported an increased second-quarter loss.

Houston-based Continental (NYSE: CAL) reported a net loss of $213 million, or $1.72 cents per share, on revenue of $3.1 billion, for the three months ended June 30. That compared with a net loss of $5 million, or 5 cents per share, on revenue of $4 billion in the same quarter last year.

Analysts polled by Thomson Reuters expected the airline to have a net loss of $1.35 per share.

In a Tuesday conference call, company executives confirmed that the company would be reducing its work force by about 1,700 employees — or nearly 4 percent of its 43,000 employees. Cuts will be companywide and will include management and clerical positions.