Cruise line stocks slide after Carnival’s booking update leads to waves of worry

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Cruise line stocks saw some pretty choppy trading on Friday morning after Carnival’s (NYSE:CCL) earnings report and update on bookings rattled investors.

Carnival (CCL) missed EPS and EBITDA estimates with its report and the update on advance bookings for Q4 fell below the historical normal range, which was unexpected just a few weeks ago. The cumulative advance bookings for the quarter were also noted to be at lower prices.

Cumulative advance bookings for full year 2023 were reported by Carnival (CCL) to be slightly above the historical average and at considerably higher prices, as compared to 2019 sailings, normalized for future credits.

Shares of Carnival (CCL) fell 15.01% in early trading on Friday. Norwegian Cruise Line Holdings (NCLH) was down 7.76% and Royal Caribbean Cruises (RCL) peeled off 4.25%.

Read more about Carnival’s earnings report.

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