Southwest missed on sales and earnings last night. Revenues slipped only slightly year over year, but profits were down a big 33%. Southwest has announced a buyback of its stock, forecasting better profits ahead.

Wall Street investors punished Southwest for chopping its 2025 profit outlook by up to 65%, as the carrier’s executives implement changes driven by its activist investor.

Southwest stock dropped after it reported adjusted earnings of 43 cents a share on $7.2 billion in revenue, below Wall Street’s expectations.