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Lufthansa Shares Plummet

Rob WileJun 11, 2014, 15:27 IST

REUTERS/Ralph Orlowski

Lufthansa shares were down more than 13% in European trading Wednesday after the German airline unexpectedly announced a profit warning.

The firm cut its operating profit to €1 billion for 2014 and to €2 billion for 2015, citing weaker revenues across the board, rising costs tied to pilot strikes, and the devaluation of the Venezuelan bolivar.

European stocks were lower across the board, with Germany's DAX down most at 0.8%.