Delta Airlines stock price plunged -10% on Thursday, following the U.S. carrier’s statement that fourth-quarter unit revenue would slightly fall short of its prior forecast.
Delta now projects total revenue per available seat mile to rise about 3 percent, compared with the 3.5 percent growth it forecast earlier. Lower-than-expected improvement in last-minute fares booked by travellers was cited by the airline as a reason behind the less-than-expected unit revenue.
Delta said, "While close-in yield momentum continues, the pace of improvement in late December was more modest than anticipated" .