Why Spirit Airlines Stock Is Plummeting Today
Shares of discount flyer Spirit Airlines (NASDAQ: SAVE) are crashing today, down 18.5% as of 12:50 p.m. EDT, after the company reported second-quarter results.
This is not the response you'd ordinarily expect for a company that beat earnings expectations, and yet, by all accounts, Spirit Airlines did beat expectations when it reported its Q2 2017 results last night -- sort of.
Revenue came in at $702 million, up 20% year over year but about $400,000 below what analysts had predicted. Spirit said that flights were up about 9% year over year, while "operating yields" (i.e., the ticket prices paid for those flights) grew 7%.
Source: Fool.com
