Lufthansa Shares Plummet

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%.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.