Southwest Airlines reported a $220 million loss for the fourth quarter of 2020, a stark contrast to the $1.2 billion profit it posted for the same period a year earlier. The airline attributed the loss to a holiday travel meltdown, which caused an uptick in cancellations and a decrease in ticket prices.

The earnings report showed that Southwest’s quarterly revenue fell by 27.4% to $4.4 billion, which was below analyst estimates of $4.6 billion. The airline also reported a non-GAAP EPS of -$0.38, missing the consensus estimate of -$0.11.

The airline’s stock price has been falling since the announcement, with shares dropping by more than 7% in pre-market trading. The stock has now declined by more than 40% over the past year.

In addition to the negative financial results, Southwest also warned of more losses ahead due to the ongoing impact of the pandemic on air travel. The airline said that the outlook for the first quarter of 2021 is “weak,” and that the recovery process will take time.

Southwest CEO Gary Kelly said in a statement that the airline is “working diligently to reduce costs and increase revenues” in order to mitigate the losses. He added that the airline is “committed to providing the best possible customer experience” and is taking steps to ensure that it can continue to safely operate.