Southwest Airlines Co (LUV.N) said it expects to post a loss in the fourth quarter after it canceled over 16,700 flights between Christmas and New Year’s Eve due to a tech meltdown.
The mass cancellations during the peak season for U.S. airlines will result in a pre-tax hit of $725 million to $825 million to quarterly earnings, said Southwest, which had earlier forecast a strong profit.
Shares of the company were up 2.6% at $34.39 in mid-day trade.
Source: Civil Aviation Authority-Qatar