Carnival Corp misses quarterly revenue estimates on weakening cruise demand
2022.06.24 16:37
FILE PHOTO: People look toward the Queen Mary 2 cruise ship by Cunard Line, owned by Carnival Corporation & plc. as it sits docked at Brooklyn Cruise Terminal in Brooklyn, New York City, U.S., December 20, 2021. REUTERS/Andrew Kelly/File Photo
(Reuters) -Carnival Corp on Friday missed Wall Street estimates for quarterly revenue due to weakening cruise demand as decades-high inflation start to hit consumer spending.
After a long pandemic-led interruption, cruise operators had seen demand bounce back recently but sky-high prices of essentials like food and gas have made consumers mindful of their spending as fears of a recession looms in the United States.
The cruise operator’s revenue rose to $2.40 billion in the second quarter from $50 million a year earlier, missing analysts’ average estimate of $2.77 billion, according to IBES data from Refinitiv.
The company’s net loss narrowed $1.83 billion, or $1.61 per share, in the quarter ended May 31, from $2.07 billion, or $1.83 per share, a year earlier.
Shares of Carnival (NYSE:CCL) rose 2% in premarket trade.
