Ryanair Holdings Plc said it’s cutting its Dublin-based fleet by a fifth for the winter 2018 season due to recent strikes by Irish pilots and rapid growth of the discount carrier’s Polish charter airline.

The labor strife has had a negative effect on bookings and air fares, the company said in a statement Wednesday, blaming flagging consumer confidence in the reliability of Irish flight schedules. It said it has sent letters to more than 100 pilots and 200 cabin crew employees that their services won’t be needed this winter.

The announcement comes as the carrier faces widespread walkouts this week that include a strike by Irish pilots on Tuesday and labor strife in continental European countries Wednesday and Thursday. The company has reported the conflict is starting to weigh on earnings, posting a 20 percent drop in first-quarter profit on Monday.

Ryanair’s shares rose as much as 2.7 percent after it said it was making the cuts, a sign that investors are cheering the move to undercut the action taken by the union behind its most contentious stand-off. The move follows through on a threat issued by the discount giant that it was not prepared to concede to “unreasonable demands.”

The Irish airline canceled 16 flights on Tuesday and 600 flights Wednesday and Thursday as Spanish, Portuguese and Belgian flight attendants walk out. Germany’s Vereinigung Cockpit pilot union is also holding a vote on possible strike action, with the outcome due later this month. This summer’s disruptions mark the first major industrial action the budget carrier has seen, after it agreed to accept unionization in the face of a staffing crunch last year.