JetBlue's passenger revenue increased 6.5 percent year over year to $1.8 billion in the first quarter, and its average fare increased 3.5 percent to $177.24. Traffic rose 7.3 percent as capacity increased 10.1 percent, pushing load factor down 2.1 percentage points to 82.5 percent. CEO Robin Hayes said the carrier faced a "softer revenue environment than initially expected" during the quarter, and the carrier has lowered its scheduled capacity growth to the lowest since the 2009 recession; however, the carrier is "cautiously optimistic about trends improving," Hayes said. JetBlue reported a net income of $42 million for the quarter, down from $90 million in the first quarter of 2018. Operating expenses rose 10.2 percent year over year, including increased costs from the new pilot contract the carrier implemented last year.
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