United's CEO seems to really regret the dawn of social media

United involuntary bumping improving

United involuntary bumping improving

Delta Air Lines also reported higher fares for the first time in more than two years last week.

On a conference call Wednesday, United executives blamed other factors including rising competition in key markets such as China.

United Continental Holdings Inc. shares fell $4.66, or 5.9 percent, to close at $74.24. Shares of the four other largest USA airlines dropped by 1 percent or less.

As a result, both revenue and profits rose at the airline during the second quarter.

Months after United Airlines found itself in the middle of a social media crap storm over a video of a ticketed passenger being dragged off a flight so an employee could take his seat, the airline's CEO admits that the company has to learn to adjust to rapid spread of news online. United has since settled with the passenger, Dr. David Dao, for an undisclosed amount.

CEO Oscar Munoz said the changes have reduced bumping passengers by 85 percent. Airline executives instead focused on all that was positive in the report.

The earnings statement Tuesday evening does not mention the incident.

"We think it's a great idea, and if it works and our customers appreciate it, a lot more to come", he said.

Andrew Nocella, United's chief commercial officer, said the airline would start testing the idea with about 50 customers in the next few weeks.

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