A Ryanair Boeing 737-800 aircraft. Photo: Nicolò Campo/LightRocket via Getty Images
Ryanair, Europe’s largest low-cost airline, reported a 21% drop in after-tax profits for the first quarter, blaming fierce price competition and higher fuel and staff costs. The airline also warned job cuts may be coming and future growth projections may be lowered because of issues with Boeing.
The state of play: Ryanair ordered 58 of Boeing's 737 MAX jets for summer 2020, but CEO Michael O'Leary said that order may change since all of the planes have been grounded following two fatal crashes: "It may well move to 20, it could move to 10, and it could well move to zero if Boeing don’t get their shit together pretty quickly with the regulator." The worldwide grounding of the MAX is now in its fifth month, and FAA regulators have yet to say when they will allow the plane to fly again.