Shares of Alaska Air Group (NYSE: ALK) collapsed on Wednesday, falling as much as 14.2% after the airline reported third-quarter earnings. Alaska Air’s profit missed analyst estimates by only a penny, coming in at $2.24 per share, adjusted for one-time items, versus analyst expectations of $2.25. In terms of sales, the company reported $2.12 billion in revenue, about $50 million short of expectations.
After recovering slightly, Alaska Air shares closed the day down 13.2%.
Image source: Alaska Air Group.