Air Canada stock nosedives after carrier slashes summer schedule
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Air Canada stock dropped seven percent in morning trading following major flight schedule cuts.
The Montreal-based airline saidWednesday night, it will cancel over 15% of its flights in July/August. This is because airports are experiencing long delays and cancellations. travel resurgence.
The airline will lose 154 flights per day, on average, due to the move. They are currently operating at just 80 percent of pre-pandemic levels and this will impact hundreds of thousands of passengers.
According to the airline, the flights are mainly connected to its Toronto and Montreal hubs and all fly on domestic or Canada–U.S. routes.
Michael Rousseau, CEO Air Canada, stated that there were “unprecedented” strains in the global aviation system. He sent this email to customers. travelSeason starts.
Air Canada shares dropped $1.27, or 7.4%, to $15.80 on Thursday morning. However, they rebounded slightly after a steep decline of more than $21 per share at beginning of the month.
This report by The Canadian Press first appeared June 30, 2022.
Source: CTV
