Ryanair CEO threatens to send average ticket prices skyrocketing more than 30% [Fortune]
Booking Holdings Inc. (BKNG)
Last booking holdings inc. earnings: 2/26 04:04 pm
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Source: Fortune
The airline had disappointing Q1 and Q2 results landing them a 46% drop in profits this summer , and fares were down 15% year-over-year in Q1. “Management perceived a consumer under significant pressure, with spending falling due to the impact of higher interest rates and inflation,” according to an analyst note from research firm Bernstein this week. “Consumer pressure is and was the biggest story of sluggish yields.” When the airline reported its first-quarter profits, Ryanair Chief Financial Officer Neil Sorahan blamed “frugal” consumers for sluggish sales. “People want to get out there, but they're just a bit more cautious in how they're spending their money,” Sorahan said on an earnings call. Currently, a typical Ryanair ticket costs just about $50 or 44 euros, but the airline's outspoken CEO Michael O'Leary told Bernstein at the firm's Strategic Decisions Conference he could see rising prices more than 30% , on average, during the next four to five years. The move would
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