Carnival's third-quarter earnings revealed higher costs associated with inflation, supply chain disruptions and the maintenance of health and safety protocols, which caused shares of Carnival to fall below their lows.
The shares of Carnival were down. The stock was trading around $7.80 at one point, but fell to a 52 week low of $7.01.
It would take almost $3 billion off Carnival's market value if Friday's losses continue. Norwegian and Royal Caribbean's shares were down on Friday.
The company reported a net loss of $770 million, or 65 cents per share, on $4.3 billion in revenue. The operating costs and expenses were $3.4 billion in the third quarter.
Carnival said bookings increased from the previous quarter. In the same period in 2021, the percentage ofOccupancy was 50%. Despite the relaxation of Pandemic-era protocols in the U.S. and Canada, the company expects fourth-quarter bookings to be less than in 2019.
The rising interest rates have made it more expensive for cruise companies to borrow money. A total of $9 billion is due by the year 2025.
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