JetBlue’s fourth-quarter results beat expectations, but the outlook for a key revenue metric was below forecasts.

JetBlue’s unit revenue guide implied deceleration year over year despite all the changes it has been making,” offered Melius Research analyst Conor Cunningham.

JetBlue Airways forecast higher costs and unit revenue below analysts' expectations for the first quarter on Tuesday, sending the New York-based carrier's shares down 14% in morning trade.

The airline is in the middle of a plan to reduce costs by culling unprofitable routes and drumming up revenue with higher-priced seats.

Unit costs in 2025 will rise as much as 7% excluding fuel, the airline said Tuesday in a statement, outpacing analysts’ estimates on higher spending for compensation and aircraft maintenance. JetBlue shares fell as much as 18% as markets opened in New York, their biggest slump since Aug. 12.

The company also expects the average fuel price per gallon to increase to a range of between $2.65 and $2.80 in the first quarter from $2.47 in the fourth quarter. The stock fell

JetBlue Airways Corp. reported fourth-quarter earnings that were better than Wall Street expected as demand climbed after the November election and during the winter holidays and fuel prices fell.