A good reputation did not prevent Alaska Air from feeling the same hurt as the rest of the airline industry. Like Southwest, ALK saw earnings turn rapidly from net profit in Q4 to a net loss in Q1, and to a deepening negative in Q2. The Q1 and Q2 EPS loss numbers were 82 cents and $3.54, respectively. Quarterly revenue in Q2 was down sequentially, from $1.64 billion to a mere $421 million.