Ryanair share price dropped 12.5pc as a result of their April to June update, which indicated profits had fallen 46pc despite revenue rising by 1pc.
Average fares per passenger decreased by 15pc to €41.93 from €49.07.
CEO Michael O’Leary warned that fares for the key summer months would be “materially lower” than last year, impacting the airline’s profitability.
The airline attributed the fare weakness to consumers being more cautious, with CFO Neil Sorahan noting a pushback after two years of double-digit growth in both fares and traffic.
Ryanair remains uncertain about full-year profit forecasts, citing challenges such as conflicts in Ukraine and the Middle East, Air Traffic Control issues, and potential Boeing delivery delays. Shares in the airline and its rivals like Aer Lingus parent IAG, Wizz and EasyJet dropped significantly in response to the news.
