United Airlines shares plunged 12% after CEO Oscar Munoz told investors the company has dug itself into «a little bit of a competitive hole.»
During an earnings call Thursday morning, Munoz and other company executives faced a firestorm of questions from Wall Street analysts about the company’s performance.
And, apparently, their answers did little to quell investors’ concerns.
United has suffered lately as the company has struggled to keep costs down, maintain its market share, and earn back customers’ trust amid a high-profile customer service scandal that rocked the company in April. Its shares are down nearly 18% so far this year.
The airline was already in a rough patch when Munoz took over in September 2015. United’s 2010 merger with Continental Airlines left the company internally fractured, and Munoz’s predecessor was ousted amid a scandal involving collusion with elected officials…
