Ryanair Holdings PLC (RYAAY) experienced a pre-market plunge of 5.36% on Monday, following the release of its quarterly financial results.

The budget airline reported first-quarter earnings that fell short of analyst expectations, with both profit and revenue missing consensus estimates. The weaker performance was attributed to a 6% decrease in fares, driven by consumer hesitancy and later bookings, alongside rising fuel costs exacerbated by the ongoing conflict in the Middle East.

Analysts noted that pricing for the current quarter is trending modestly lower than expected, creating downward pressure on profit forecasts for the fiscal year. The combination of these factors led to a negative surprise for the market, resulting in the significant pre-market sell-off.