Ryanair Slashes Summer Fares as Profits Plummet by 46%

Europe's largest budget airline sees significant drop in earnings despite a rise in passenger numbers, citing consumer caution and increased discounting.

Ryanair's Q1 profits fell to €360 million, down from €663 million last year.
Passenger numbers rose 10% to 55.5 million, but average fares dropped by 15%.
Shares in Ryanair and other European airlines fell sharply following the profit report.
CEO Michael O'Leary attributes the need for fare cuts to frugal consumer behavior.
Ryanair expects fares to remain lower throughout the summer, impacting future earnings.