Make Kitco Your Homepage

Carnival misses quarterly revenue estimate on inflation hit

Kitco News

June 24 (Reuters) - Carnival Corp (CCL.N)(CCL.L) 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 rose 2% in premarket trade.

Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Maju Samuel
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.