Southwest's net income in the third quarter dropped 30% from a year earlier.
It cited moderating travel demand as booking patterns shift back to pre-pandemic norms.Follow your favorite stocksA Southwest Airlines passenger jet lands at Chicago Midway International Airport in Chicago, Illinois, on December 28, 2022.said Thursday it plans to slow its capacity growth next year, citing moderating travel demand as booking patterns shift back to pre-pandemic norms.
Airlines have expanded their flying this year, while travelers have returned to more traditional booking, traveling during peak vacation periods or holidays. That capacity expansion has driven airfare lower. Southwest forecast unit revenue, the amount an airline brings in for each seat it flies a mile, would drop between 9% and 11% from a year earlier in the fourth quarter, with capacity up about 21%.
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Southwest Airlines quarterly profit slides 30% and says growth will slow next yearSouthwest Airlines earned $193 million in the third quarter, 30% less than its profit a year ago. Southwest said Thursday that revenue was a record, however, as leisure travel boomed over the summer. The profit per share matched Wall Street expectations, while revenue was a bit less than analysts had predicted.
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