Cathay Pacific Airways warned on Wednesday of declining airfares, challenges at its budget carrier and uncertain cargo market conditions, sending its shares down almost 10% to a one-month low.

Cathay Pacific Airways announced a US$8.1 billion order for 14 Boeing 777-9 jets, marking its first transaction with the U.S. manufacturer in 12 years.

Cathay Pacific is betting on the growth of premium, long-haul travel with a deal for more Boeing 777-9 planes.