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Carnival sales disappoint as spike in COVID cases hurt cruise demand -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: The Queen Mary 2 cruise ship by Cunard Line, owned by Carnival Corporation & plc. Brooklyn Cruise Terminal is seen as Omicron coronavirus continues to infect Brooklyn, New York City. REUTERS/An

(Reuters) – Carnival (NYSE) Corp missed Wall Street’s estimates Tuesday for quarterly revenue. This was due to a surge in COVID-19 infection rates resulting from the Omicron variant during quarter that hampered cruise bookings.

Omicron, a fast-growing COVID variant that has caused concern around the world, is now causing alarm. People have had to review their travel plans because of this.

Carnival had several cases of infection onboard its ships in December and January.

Omicron caused a significant impact on the bookings of its short-term sailings. Omicron also led to higher cancellation rates due to pre-travel positive results.

According to IBES data from Refinitiv, the cruise operator’s revenues rose to $1.62 Billion in the first quarter from $26 M a year ago, but it missed analysts’ average estimate at $2.26 Billion.

The company’s net loss decreased to $1.89Billion or $1.66 per diluted share in the quarter that ended February 28, from $1.97B or $1.80 per diluted share a year prior.

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