Southwest Airlines Co. reported a surprisingly large loss in the first quarter due to weak traffic in the recession, and the company said it was freezing hiring and offering buyouts to employees.
Southwest also said it expects a key revenue measurement to fall again in the second quarter.
Shares of the discount carrier were battered in morning trading, pushed down 86 cents, or 11.3 percent, to $6.78.
Southwest said it lost $91 million in the first quarter, or 12 cents per share, including $71 million due to the falling value of its fuel hedges.
Without the fuel-hedges item the airline would have lost $20 million, or 3 cents per share, on …
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