European low-cost airline Wizz Air cut its annual net income forecast for the second time in six months on Thursday, as it grapples with rising costs related to the grounding of planes due to engine problems and economic uncertainties.

According to a recent statement, Hungarian low-cost airline Wizz Air has cut its annual net income forecast for the second time in six months, citing mounting costs linked to aircraft groundings and economic uncertainty.

Wizz Air has dramatically reduced its annual profit outlook, despite witnessing its quarterly losses fall by over half amidst an all-time high in passenger numbers. Shares plummeted on this update, dropping close to 12% during early trading hours.

(Reuters) - Wizz Air cut its annual net income forecast on Thursday, as the European low-cost airline grapples with costs related to the grounding of planes due to engine issues and economic uncertainties.