Ryanair up pre-market after O'Leary sees summer fare drop stabilize
Investing.com -- Shares of Ryanair (NASDAQ:RYAAY) rose pre-market trading on Tuesday. The rise follows a statement from Group CEO Michael O'Leary, who indicated that the downward trend in average fares during the summer has “leveled out”, as per a Reuters report.
Ryanair shares were up by 7.4% in pre-market trading at 6:01 AM (1001 GMT).
O'Leary, in an interview, mentioned that while Ryanair had observed a softening in fares during April, May, and June, this trend has now leveled out.
He further noted that the anticipated drop in fares during the summer peak season is now expected to be around 5%, a significant improvement from earlier projections that suggested a decline exceeding 10%, the report added.
The fear of what O'Leary previously described as an "ugly scenario" involving double-digit fare decreases has now dissipated.
O'Leary also mentioned that the resistance to price increases on last-minute fares is not as pronounced as before, signaling a more favorable outlook for the airline.
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