Wizz Air reported first quarter earnings on Wednesday, which saw its operating loss jump to €285 million from €109 million a year before.
The increased losses came after a period of higher fuel costs and disruption at airports. Nothing you haven’t already seen in the news.
But it’s not all bad for the airline. Wizz reported that passengers and revenue numbers more than quadrupled compared to the same period last year. The company reported passengers increased to 12 million, and revenue surged to €809 million from €109 million in the previous year.
“During the first quarter of F23 we continued to ramp-up Wizz Air as COVID-19 transitioned from a pandemic to an endemic setting,” said Jozsef Varadi, Wizz Air Chief Executive.
However, Varadi is aware of the macroeconomic problems faced at this current time, stating fuel prices for the quarter were “double pre-pandemic levels” and “lingering restrictions from Covid-19 remained.”
As for Wizz Air’s outlook, Varadi was encouraged as disruption levels to airports started to normalise. They expect to deliver a material operating profit in Q2 as revenue and pricing momentum continue to improve.
I think it’s time for a holiday.
Yesterday we spoke about EasyJet and the decline in Twitter mentions representing positive signs regarding recent airport disruptions.
More tweets regarding ease of transit at airports are emerging.
Furthermore, interest over time has significantly increased in 2022 for Wizz air. Its demand metrics, traffic, and earnings have shown a positive correlation over time.