Investors bailed on JetBlue (JBLU) - Get Report Wednesday after the airline lowered its revenue forecast, citing the impact of Hurricane Dorian, among other factors.

Shares of JetBlue declined 4.11% to $16.47 after the airline projected revenue for the third quarter could come in as much as 2% lower due to Dorian and softer demand for flights to Puerto Rico, according to a filing with the Securities and Exchange Commission.

The airline noted it previously lowered its key forecast for revenue per available seat mile (RASM) by 0.75%, mainly due to challenges related to falling demand for travel to the Punta Cana resort destination in the Dominican Republic, where a number of U.S. tourists have been killed in recent months.

JetBlue pegged the impact from Dorian on RASM at 0.75%, though it noted it was a preliminary forecast. "Softer bookings" to Puerto Rico could amount to a "headwind" or loss of 1.25% in revenue during the third quarter.

The new forecast by JetBlue for third quarter revenue represents a significant shift, with the airline having previously estimated growth in revenue per available seat mile of between 0.5% and 3.5% in the third quarter.

The negative revenue forecast comes as JetBlue nears the end of a three-year cost-cutting effort aimed at delivering "run-rate savings" of $250 million to $300 million by 2020.