The brand new Carnival Cruise Line ship Mardi Gras, docked at Port Canaveral, Florida, on July 30, 2021.
Shares of Carnival fell below their pandemic lows Friday after the cruising company posted third-quarter earnings that revealed higher costs associated with inflation, supply chain disruptions and the maintenance of health and safety protocols.
Shares of Carnival were down around 20% in late morning trading. The stock fell to a 52-week low of $7.01 earlier in the session, below the stock’s pandemic plunge lows in April 2020, when shares traded around $7.80 intraday.
If Friday’s losses hold, it would knock almost $3 billion off Carnival’s market value. Shares of Norwegian and Royal Caribbean also fell Friday, down 14% and 11%, respectively.
Carnival shares fall on ballooning costs, dragging cruise stocks lower
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