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Southwest Airlines plummets after downgraded forecast

» Updated: 16 July 2024, 15:07

» Published: 26 June 2024

Southwest Airlines plummets after downgraded forecast
Photo: David Zalubowski/AP/TT

The American airline Southwest Airlines' share price is plummeting by 10 per cent in futures trading on Wall Street following a downgraded forecast for the second quarter. Other airline shares are also being dragged down.

Southwest Airlines' revenue per passenger kilometre – a profitability metric – is expected to fall by 4.0–4.5 per cent year-on-year during the quarter. The previous forecast was 1.5–3.5 per cent.

Despite profitability issues, operating revenues for the quarter are expected to reach a record level, and operationally the business is doing well, according to Southwest Airlines, with very few cancelled flights.

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By TTThis article has been altered and translated by Sweden Herald

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