Cathay Pacific Tumbles as Passenger Yields Hurt Outlook

Cathay Pacific Airways Ltd. shares slumped as a sharper-than-expected decline in passenger yields and swelling expenses clouds its growth outlook.

Shares dropped as much as 11% in Hong Kong on Wednesday following the release of its first-half results, the most since November 2008. They closed 9.7% lower, the biggest one-day decline since January 2021.