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Investor Strategy

Carnival Warns of Loss as Coronavirus Outbreak Wrecks Travel Demand

imageStock Markets5 hours ago (Mar 16, 2020 05:01PM ET)

(C) Reuters.

By Yasin Ebrahim

Investing.com – Carnival (NYSE:CCL) said it expects to swing to a loss for the year as the Covid-19 outbreak has wreaked havoc on travel demand forcing the cruise operator to suspend global fleet cruise operations.

Carnival said it believes the ongoing effects of Covid-19 on its global bookings and operations will have a material negative impact on its financial results even as the company takes steps to improve its liquidity, including cost cuts. The company reported net income of $3 billion for fiscal 2019.

The company suspended global fleet cruise operations temporarily, adding Continental Europe and North American fleet cruise operations to the list of suspensions.

Shares plunged 17% in regular-session trading and edged up 2% after hours.

Carnival Warns of Loss as Coronavirus Outbreak Wrecks Travel Demand

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