Air Canada planes sit on the tarmac at Pearson International Airport during the COVID-19 pandemic in Toronto on Wednesday, April 28, 2021. (THE CANADIAN PRESS/Nathan Denette)

By The Canadian Press

Air Canada stock nosedives after carrier slashes summer schedule

Jun 30, 2022 | 10:14 AM

MONTREAL, QC – Air Canada’s stock fell seven per cent in early morning trading on Thursday, June 30, 2022 after the carrier announced major cuts to its summer flight schedule.

The Montreal-based airline said Wednesday night it will nix more than 15 per cent of its flights in July and August as airports face lengthy delays and cancellations amid an overwhelming travel resurgence.

The move will see 154 flights per day on average dropped from the airline’s schedule — already operating at just 80 per cent of pre-pandemic levels — affecting hundreds of thousands of passengers.

The airline says the flights link mainly to its Toronto and Montreal hubs, and are all on domestic or Canada-U.S. routes.

In an email to customers, Air Canada CEO Michael Rousseau cited “unprecedented” strains on the global aviation system as peak travel season kicks off.

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Air Canada shares fell $1.27 or 7.4 per cent to $15.80 Thursday morning before rebounding slightly, deepening a decline from more than $21 per share at the start of the month.

This report by The Canadian Press was first published June 30, 2022.