American Airlines shares shed more than 7% in premarket trading Thursday after the carrier slashed its profit forecast for the year after a backfired sales strategy and an industry-wide glut of flights that have forced airlines to discount seats.
American said it expects to earn an adjusted 70 cents to $1.30 per share this year, well below the $2.25 to $3.25 a share it forecast in April and short of the $1.10 to $2.60 a share that Wall Street analysts were expecting, according to LSEG.