11:17 AM EDT, 04/25/2024 (MT Newswires) -- (Updates with plans to shut down operations and cut capacity at some airports starting from seventh paragraph. Updates stock move in first paragraph.)

Southwest Airlines ( LUV ) shares were falling past 9% in recent Thursday trading after the company reported a Q1 adjusted loss of $0.36 per diluted share, widening from a loss of $0.27 per share a year earlier.

Analysts polled by Capital IQ expected a loss of $0.34.

Operating revenue for the quarter ended March 31 was $6.33 billion, up from $5.71 billion a year earlier. Analysts surveyed by Capital IQ expected $6.42 billion.

The airline said it now expects to receive about 20 Boeing (BA) 737-8 aircraft in 2024, down from its earlier forecast for 46 planes. That number may change depending on the receipt of certifications and approvals from the US Federal Aviation Administration, Southwest ( LUV ) said.

"The recent news from Boeing regarding further aircraft delivery delays presents significant challenges for both 2024 and 2025," Chief Executive Bob Jordan said in a statement.

"We now expect to end 2024 with approximately 2,000 fewer employees as compared with the end of 2023," Jordan said.

He said the company is boosting "network optimization efforts to address underperforming markets."

The airline will shut down operations at Bellingham International Airport, Cozumel International Airport, Houston's George Bush Intercontinental Airport, and Syracuse Hancock International Airport.

It will also reduce capacity in Hartsfield-Jackson Atlanta International Airport and Chicago O'Hare International Airport.

Price: 26.58, Change: -2.73, Percent Change: -9.30