Budget airline Ryanair reported a 20 million euro loss in the third quarter due to a six percent drop in fares.
That's its first quarterly loss since 2014.
But it didn't come as a surprise.
The weak third-quarter performance was flagged two weeks ago when Ryanair cut its profit forecast for the year for the second time in three months.
The airline announced that its long-standing Chief Executive will commit to a five-year contract - just as it looked as though he might step away from the business.
O'Leary will lead a new group structure overseeing the firm's four airline subsidiaries - a similar structure to that of British Airways owner IAG.
The airline has reiterated it won't rule out a further downgrade, noting possible uncertainty from Brexit.
Profit for 2018-2019 could be down by as much as 31 percent.
Ryanair blames that on strikes last summer, higher oil prices and short-haul overcapacity in Europe.
Shares in the company - down over 40 percent from a peak 18 months ago - were trading 4.6 percent lower on the results.