What happened

Shares of Sabre (SABR 0.36%) have gotten crushed today, down by 13% as of 12:30 p.m. EDT, after the company reported first-quarter earnings. The results fell well short of expectations.

So what

Revenue in the first quarter got cut in half to $327 million, significantly below the $410.6 million in sales that analysts were expecting. That resulted in a net loss of $266 million, or $0.84 per share, while the consensus estimate had called for just $0.55 per share in red ink. The company, which provides software and technology to the travel industry, continues to see its business battered by the ongoing COVID-19 pandemic.

A barrier with a sign saying Coronavirus Travel Restrictions in an airport

Image source: Getty Images.

While the U.S. is making progress in vaccinations, many other countries are seeing soaring cases. Sabre said all metrics were adversely impacted by the ongoing crisis, but the company has been trying to cut variable costs wherever possible.

"Global travel trends continue to be reflective of COVID-19 case counts, cumulative and daily vaccination rates and regional travel restrictions," CEO Sean Menke said in a statement. "In the United States, part of our largest region, we are encouraged by the accelerating pace of daily vaccine doses administered, as well as the bullish demand comments and capacity plans made by U.S. airline executives."

Now what

Bookings in North America are recovering, and Menke believes that Sabre has a "healthy sales pipeline," while the company is continuing to invest in long-term strategic initiatives. Due to ongoing uncertainties around the pandemic worldwide, Sabre did not issue any guidance.