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Carnival Shares Down 3%

Florida-based cruising line, Carnival Corporation & plc (CUK) are down 3% on Wednesday after the company reported its second-quarter results.

The company's second-quarter loss narrowed to $2.1 billion, compared to $4.4 billion last year. According to the company, its business has not resumed since the beginning of the Covid pandemic.

The company expects its business to improve in the coming quarters as 42 of its 91 ships will be on the sea by November 30 as the lockdown slowly eases across the globe. The report also said that the advanced booking volumes have gone up 45% in the second quarter compared to the first.

President and CEO, Arnold Donald said, "With the aggressive actions we have already taken to optimize our portfolio and reduce capacity, we believe we are well positioned to capitalize on pent up demand and to emerge a leaner, more efficient company, reinforcing our global industry leading position."

Looking forward, the company expects a loss on both GAAP and adjusted basis for the third quarter and full year 2021.

The shares are currently dealing at $23.64, down $0.68 or 2.80%, from $24.32 on Wednesday. In the 52-week period, the shares have ranged between $10.38 and $27.31.

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