Market Insider

Southwest shares drop after slight earnings miss and systemwide tech outage

Southwest playing catch-up after major outage

Shares of Southwest Airlines got little love Thursday even though the company set for quarterly profits.

The stock ended the day down 11 percent.

Southwest's quarterly profit rose 35 percent to an all-time high for the quarter as fuel costs fell and the budget airline flew fuller planes.

The company's quarterly results however, slightly missed analysts' estimates.

Excluding items, Southwest earned $1.19 per share for the second quarter, 2 cents below consensus estimates. Southwest reported revenue of $5.38 billion, just shy of the Street's forecast for sales of $5.4 billion.

The stock plunge comes the day after a systemwide computer outage forced the cancellation of hundreds of Southwest flights around the country. Southwest temporarily halted all departures as it worked to resolve issues impacting multiple technology systems.

Shares of Southwest, whose ticker name is LUV, have dropped 13 percent in 2016.