Business
Carnival shares fall on earnings as cruise stocks pull back
Updated 2 min ago
Carnival shares fall on earnings as cruise stocks pull back
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David Marino-Nachison
, Editor
Shares in cruise lines fell on Monday after Carnival reported a quarterly loss and forecast higher-than-expected costs for the year.
The cruise operator was the S&P 500’s worst performer, shedding more than 7% and reversing its biggest percentage decline of the year.
The company said adjusted cruise costs, excluding fuel, rose 13.5% for the quarter compared to the same period in 2019 before the pandemic. It said it expects costs for the year to be higher than previous guidance.