Ryanair shares tumble 11% as budget airline reports 46% fall in quarterly profit, sees lower fares

Core Points - Ryanair's shares dropped by 11.4% following the announcement of weaker-than-expected profits and fare expectations [1][8] - The company reported a profit after tax of 360 million euros ($392 million) for the first quarter, a 46% decrease from 663 million euros in the same period last year [5][8] - Despite a 10% increase in passenger traffic to 55.5 million during the quarter, the company indicated that pricing remains softer than anticipated [6][7] Summary by Categories Financial Performance - Ryanair's profit after tax for the three months ending in June was 360 million euros ($392 million), down from 663 million euros year-over-year [5] - The quarterly profit decline of 46% is attributed to weaker-than-anticipated fares and the Easter season falling into the previous quarter [2][8] Passenger Traffic - The airline experienced a 10% increase in passenger traffic, reaching 55.5 million during the quarter [6] Future Expectations - Ryanair's CEO, Michael O'Leary, stated that fares are expected to be lower than previously anticipated over the next three months, indicating a shift from earlier expectations of flat to modestly increased fares [3][7]