⁍ Royal Caribbean posted a billion-dollar net loss for the third straight quarter.
⁍ Third-quarter revenue was negative $33.7 million, a rare event for an S&P 500 company.
⁍ The cruise industry has come to a virtual standstill after many vessels became hotbeds of infection.
– “Every single day has been extremely frustrating and challenging on so many levels.” That’s Royal Caribbean CEO Richard Fain’s assessment of the cruise industry’s H1N1 flu outbreak, which has forced his company and others to halt operations for more than seven months. On Tuesday, the company reported a $1.35 billion third-quarter loss, per Reuters, its third-straight quarter of a billion-dollar loss. The company’s revenue also turned negative for the first time, coming in at $33.7 million, well below the $12.4 million analysts expected, reports the Wall Street Journal. Royal Caribbean’s stock has lost 60% of its value over the past year.
Source: https://www.reuters.com/article/royal-caribbean-results/royal-caribbean-sails-further-off-course-posts-rare-negative-revenue-idUSKBN27E32M