What’s happening to the Qantas share price today?

A woman ponders a question as she puts money into a piggy bank with a model plane and suitcase nearby.A woman ponders a question as she puts money into a piggy bank with a model plane and suitcase nearby.

The Qantas Airways Limited (ASX: QAN) share price is slightly in the red today.

Qantas shares are falling 0.22% at the time of writing, currently trading at $4.49 each. For perspective, the S&P/ASX 200 Index (ASX: XJO) is down 0.13% today.

So what is new at Qantas today?

Qantas highlights new staff, more resources

The Qantas share price is outperforming fellow ASX 200 travel shares today. The Webjet Limited (ASX: WEB) share price is down 2.10% today, while Flight Centre Travel Group Ltd (ASX: FLT) shares are 0.99% in the red.

Qantas domestic and international CEO Andrew David has revealed the airline is hiring more staff. He said since Easter, Qantas has hired 1,000 people.

Speaking on 2GB radio, David issued an apology to listeners, adding:

We are the national carrier, people have high expectations of us, we have high expectations of ourselves and clearly over the last few months we have not been delivering what we did pre-COVID

David said the company has put a “lot of resources” into call centres, leading to single digit response times last week.

Commenting on 13 flight cancellations in Sydney yesterday, David said “our cancellation rate is now close to what it was pre-COVID, it’s not quite there yet”. He added that mishandled bag numbers are almost at pre-COVID levels too, commenting:

On average pre-COVID we had about five mishandled bags in every thousand, when I checked this morning, yesterday it was about seven

In June, BITRE on-time performance figures showed 59.4% of Qantas network planes arrived on time, with 40.6% late. Cancellation rates were 7.5% in June.

As highlighted in a market update in late June, Qantas is reducing domestic flight numbers from October until the end of March 2023.

Qantas share price snapshot

The Qantas share price has descended 4% in the past year and 10% in the year to date.

For perspective, the ASX 200 has slid nearly 9% in the last 12 months.

Qantas has a market capitalisation of nearly $8.5 billion based on the current share price.

The post What’s happening to the Qantas share price today? appeared first on The Motley Fool Australia.

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More reading

Motley Fool contributor Monica O’Shea has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Flight Centre Travel Group Limited and Webjet Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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