The Qantas Airways Limited Limited (ASX: QAN) share price suffered on Friday.
Qantas shares dropped 4.2% and finished the day at $5.02. For perspective, the S&P/ASX 200 (ASX: XJO) fell 1.23% on Friday.
Let's take a look at what may have impacted the Qantas share price on Friday.
Qantas shares fall
Qantas shares may have dropped on Friday, but they were not alone among ASX travel shares. The Flight Centre Travel Group Ltd (ASX: FLT) share price fell 4.44% today, while Webjet Limited (ASX: WEB) shares lost 4.23%.
ASX travel shares have struggled after airlines in the USA dropped overnight. Qantas, Webjet and Flight Centre all have operations in the USA. The Delta Air Lines Inc (NYSE: DAL) share price fell 3.56% in the USA, while American Airlines Group Inc (NASDAQ: AAL) dropped 3.92%. United Airlines Holdings Inc (NASDAQ: UAL) shares fell 2.98%.
Airlines fell amid Hurricane Ian in Florida, recession fears and pending interest rate rises. Interest rate rises increase the costs for households, potentially limiting spending on travel.
Meanwhile, closer to home, Flight Centre CEO Graham Skroo Turner has leapt to the defence of Qantas despite recent travel woes. In an article in The Australian, Turner said "most in the travel industry" blame border closures and lockdowns for Qantas' recent service issues. He said:
History will show or has already shown that shutting borders and dictating widespread lockdowns not only were ineffective in stopping COVID-19's spread but caused enormous societal and collateral damage.
Qantas recently revealed that CEO Alan Joyce received $2.3 million in base salary and other benefits in FY22, 15% more than in FY21.
Qantas share price snapshot
The Qantas share price has slid 11% in the past year, while it has gained 0.2% in the year to date.
In comparison, the ASX 200 has lost 11.7% in the past year and 13% in the year to date.
Qantas has a market capitalisation of nearly $9.5 billion based on the current share price.
