Transportation
Ryanair Cuts Forecast, Sees ‘Materially Lower’ Summer Fares
- Airline’s profit in fiscal first quarter fell by almost half
- Shares drop most in four years, dragging down airline peers
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Ryanair Holdings Plc cut its outlook for ticket prices in the crucial summer travel period and said fares will be “materially lower” as consumers grow more cautious, adding to pessimism that the post-pandemic rebound in flying is fizzling.
The shares fell as much as 13%, the most in four years. Ryanair previously saw fares in its fiscal second quarter being “flat to modestly up,” after they fell 15% in the first three months of its financial year. Net income declined by almost half to €360 million in the June quarter, Ryanair said in a statement.