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Source: Kokoulina / Shutterstock.comCarnival (NYSE:CCL) stock is rising higher on Friday following the release of its earnings report for the second quarter of 2022.
The big news today is Carnival reporting revenue of $2.4 billion during its most recent earnings report. While that comes in below the $2.61 billion that Wall Street was expecting, investors are excited about it.
That might seem strange, but it’s worth noting that Carnival’s revenue increased 50% compared to the first quarter of 2022. This sharp spike in revenue growth appears to be renewing faith in CCL stock today.
There have been some concerns about how the cruise market will perform in the summer months. This comes as the road to recovery from the Covid-19 pandemic has been rockier than expected. One analyst even warned earlier this week that CCL may not have reached its lowest price yet.
So while the company’s revenue didn’t beat estimates, the fact that it rose as much as it didn’t means we could see more gains in the upcoming quarter.
Arnold Donald, president and CEO of Carnival, notes that strong customer demand is behind the revenue increase.
“It is reinforcing to see continued strength in demand with our guests overcoming far more restrictive protocols than broader society and travel at large, leading to a near doubling of booking volumes since last quarter with near-term bookings even outpacing 2019. We were encouraged by close-in demand and remain focused on optimizing occupancy while preserving long term pricing.”
CCL stock is seeing heavy trading today with some 58 million shares on the move. That’s already above its daily average trading volume of about 40 million shares.
CCL stock is up 11.1% as of Friday afternoon.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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