Here we see the usual investor-led hysteria when their "poster-child" suddenly shakes them into reality with negative results. It was always fairly obvious that Ryanair couldn't sustain enormous growth in profits and margins till the end of eternity, as some people appear to have believed. MOL more than once warned that falling yields were inevitably going to have an effect on the bottom line, but no one wanted to know.
Looks like the European low-cost bubble is on the verge of bursting - at least for some airlines. Despite the negativity in the press, I'm willing to bet Ryanair and easyJet will still be with us in 5 years' time.
Yes, some airlines provide more value than others, but el cheapo fares will continue to attract the masses...not unlike a big supermarket in the UK.