Southwest Airlines' Q2 Earnings Plummet by 46%. Revenue Rises as Costs Increase.
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00:00It's Benzinga, and here's what's on the block.
00:02Southwest Airlines reported a 46% drop in earnings for the second quarter,
00:06compared to the same period last year. Revenue rose, but costs also increased.
00:11Revenue per seat mile fell more than 3%, in line with Southwest's previous forecast,
00:16as the airline discounted fares in an oversupplied market.
00:19Southwest Airlines predicted a possible decline in third-quarter unit revenue due to an
00:23oversupplied market leading to discounted ticket prices during a typically profitable season.
00:28Southwest is facing pressure from an activist investor to improve revenue and change leadership
00:33after lagging competitors' performance. For all things money, visit Benzinga.com.