Shares of United Airlines tumbled by 8.5% Tuesday after the airline reported a larger first-quarter loss than expected and suggested that key business and international travel won’t recover significantly until next year.

United reported a first-quarter loss of $1.36 billion after the market closed Monday. Business and international travel are still down about 80% from pre-pandemic levels.

“It’s not likely that that is going to change tomorrow,” CEO Scott Kirby said during a call with investors Tuesday. “They are going to gradually get better as business travel comes back and as borders reopen.”

Kirby predicted that business travel will begin picking up in the fall as people return to office buildings but won’t hit full stride until January — after companies “put business travel back into the budget — it’s not in the budget for this year.”