Southwest Profit Falls as Costs Rise and Demand Softens, Though Revenue Hits Record

Southwest's second quarter profit dropped 10% to $683 million due to soaring labor costs.
The airline expects a 3% to 7% decrease in third quarter revenue per seat mile compared to last year.
Southwest saw a 6% drop in second quarter unit revenues due to a policy change on pandemic travel credits.
The airline predicts softer pricing and potentially lower travel demand in the third quarter.
Despite the challenges, Southwest hit a record $7.04 billion in total operating revenue in the second quarter.