Spirit Airlines Faces Increased Losses and Revenue Shortfall

Budget carrier cites lower non-ticket revenue and competitive pressures as shares hit all-time low

Spirit Airlines projects a second-quarter loss of up to $173 million, exceeding previous estimates.
Revenue is expected to be $1.28 billion, down from the earlier forecast of $1.32 billion to $1.34 billion.
Non-ticket revenue, including baggage fees and seat selection, fell short of expectations.
Shares of Spirit Airlines dropped over 9% following the financial update.
The airline is adjusting its strategy to bundle services and eliminate change and cancellation fees.