Southwest Airlines ( LUV -1.04%) has not yet seen a rebound in demand for travel, disappointing investors who had been hoping for a quick turnaround. Southwest shares fell as much as 4.5% when comments were made by the company's CFO before rebounding somewhat and trading down 1% as of 2:30 p.m. ET.

Southwest Airlines Co. continues to see softness in air travel demand that emerged earlier this year and pushed many carriers to pull back their profit forecasts.