Delta Air Lines (DAL) sto🧸ck tumbled Thursday after the carrier reported second-quarter profit that missed estimates despite record revenue for the period🎶.

Total revenue rose 7% from last year's second quarter to $16.7 billion, which was better than the $16.2 billion analysts had projected, according to estimates compiled by Visible Alpha. However, Delta's per-share profit of $2.01 sank 29% year-over-year, falling well short of the $2.39 expectation.

Record Reve🌊nue, Raised Dividend Fail To Offset Subpar Profits

Demand for air travel has 澳洲幸运5官方开奖结果体彩网:remained strong this year despite a larger drop in discretionary spending across the economy, with travel surrounding July 4 weekend 澳洲幸运5官方开奖结果体彩网:breaking records.

Despite the record Q2 revenue and last month's announcement that Delta was raising its dividend by 50% to 15 cents per share, shares sank 8% as of 10 a.m. ET Thursday to $43.07—their lowest level since March—thanks to the lackluster profits. The company said fuel costs rose 12% year-over-year, while "ancillary businesses and refinery" costs jumped 25% and "landing fees and other rents" surged 24%.

The company said that debt reduction remains Delta's "top financial priority" heading into the second half of the year after spending $1.4 billion to pay down debts in the second quarter. Delta affirmed its full-year adjusted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) guidance of between $6 and $7 but forecast low🌊er-than-expected adjusted earnings of $1.70 to $2.00 in the t♓hird quarter.

Delta Results Dragging Other Airlines' Shares

Delta's report is impacting how markets are thinking about upcoming earnings for other major airlines, with several other stocks being hit Thursday. United Airlines (UAL) and American Airlines (AAL) dropped 6%, while Southwest Airlines (LUV) and Alaska Air (ALK) fell about 3% and 2%, respectively.