Ryanair shares fell on Monday after the company said its quarterly profit after tax had fallen 46% and fares will be lower than expected in the summer months. Ryanair cited weaker-than-anticipated fares and the Easter season falling into the previous quarter as reasons for the drop in profit. It also comes despite a 10% increase in passenger traffic to 55.5 million during the quarter, Ryanair said Monday. However, Ryanair Group CEO Michael O'Leary said in a statement that fares were expected to be lower than expected over the next three months. Other European airlines followed Ryanair lower on Monday, with fellow low-cost airline EasyJet shedding over 6%, while Jet2 fell 4% and Hungarian airline Wizz Air slid over 6%.

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Persons: — Ryanair's, Michael O'Leary, O'Leary, Jet2 Organizations: Ryanair, Wizz Air Locations: London