December 1, 2022
Carnival shares fall sharply, cruise shares fall

The brand new Carnival Cruise Line ship Mardi Gras docks in Port Canaveral, Florida on July 30, 2021.

Joe Burbank | Orlando Sentinel | Tribune News Service | Getty Images

Shares of Carnival fell below its peak on Friday after the cruising company posted third-quarter earnings that revealed inflation, supply chain disruption and higher costs associated with the maintenance of health and safety protocols.

Carnival shares were down nearly 20 per cent in morning trade. The stock fell to a 52-week low of $7.01 in the first session of the session, when shares traded around $7.80 intraday, below the stock’s pandemic decline in April 2020.

If Friday’s loss holds up, it will drop by about billion from Carnival’s market cap. لعبة الروليت المجانيه Shares of Norwegian and Royal Caribbean also fell 14% and 11%, respectively, on Friday.

Carnival reported an adjusted net loss of 0 million, or 65 cents per share, on revenue of . العاب سلوتس 3 billion. Operating costs and expenses during the quarter totaled $3.4 billion, compared to a cost of $1.6 billion in third quarter 2021.

Carnival said bookings rose 15 percentage points to 84% from the previous quarter. This compares with 54% occupancy during the same period in 2021. Despite the easing of pandemic-era protocols in both the US and more recently Canada, the company is forecasting fourth-quarter bookings at prices below 2019 levels.

Cruise companies across the board are battling massive debt during the Covid lockdown, which has been made more expensive by rising interest rates. Carnival on Friday morning reported $1 billion in principal payments so far for 2022 and $9 billion in total by 2025.

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