UPDATE: Southwest Reports Downbeat Q2 Earnings

Southwest Airlines Co LUV reported weaker-than-expected second-quarter profit. Southwest reported its quarterly net income at $161 million, or $0.21 per share, up from $112 million, or $0.15 per share, in the year-earlier period. Southwest Airlines' adjusted profit came in at $0.15 per share. Its revenue surged to $4.14 billion from $3.17 billion. However, analysts were expecting earnings of $0.21 per share on revenue of $4.01 billion. Southwest shares gained 2.77% to close at $9.65 yesterday.