Shares of JetBlue Airways (JBLU) tumbled more than 19% Tuesday after the discount air carrier reported lower-than-expecte💛d guidance on slowing demand for Latin American travel.

The airline said it anticipates current-quarter revenue will decline between 6.5% and 10.5%, with the higher amount being more than double analysts’ forecasts for a decrease. The airline said it anticipates full-year revenue falling by a low-single-digit percent, down from its previous flat outlook. That guidance also missed estimates.

CEO Joanna Geraghty, who took over in February, said in a release that JetBlue planned for too many flights to 澳洲幸运5官方开奖结果体彩网:Latin America. She said “significant elevated capacity in our Latin region, which represents a large portion of JetBlue’s network, will likely continue to pressure revenue.”

JetBlue President Marty St. George noted the carrier began taking steps to cut expenses in the first quarter, including “a number of significant network changes, which are designed to free up unprofitable flying and reallocate it to proven leisure markets where JetBlue has historically won."

In the first quarter, JetBlue posted a loss of $716 million, though much of that was made up by one-time charges, including the costs of ending its planned $3.8 billion takeover of rival Spirit Airlines (SAVE). The company terminated the deal last month after a澳洲幸运5官方开奖结果体彩网: judge blocked it, citing concerns about reduced options for consumers in the 澳洲幸运5官方开奖结果体彩网:low-priced airline market.

Leaving out those one-time charges, JetBlue posted an adjusted net loss of $145 million or 43 cents per share. Analysts had anticipated a💜 steeper loss. Revenue slid 5.1% year-over-year to $2.21 billion, in l🐬ine with estimates. 

Jet🐬Blue shares were down 19.1% at $6.06 as of about 3:15 p.m. ET Tuesday, but they remainඣed higher for 2024.