Carnival Q4 losses narrow but revenues miss expectations

Net losses narrowed to $1.6bn from $2.6bn in the same quarter a year earlier, while revenues rose to $3.84bn from $1.29bn. Analysts had been expecting revenues of around $3.91bn.

Carnival said capacity growth is expected to be 3.7% for the first quarter of next year compared to Q1 2019 and 3.3% for the full year 2023 compared to FY2019.

Chief executive officer Josh Weinstein said: "Booking volumes strengthened following the relaxation in protocols, cancellation trends are improving globally, and we have seen a measurable lengthening in the booking curve, across all brands.

"The momentum has continued into December, which bodes well for 2023 overall as more markets open for cruise travel, protocols continue to relax, our closer to home itineraries play out, our stepped-up advertising efforts pay dividends and our brands continue to hone all aspects of their revenue generating activities."

At 1605 GMT, the shares were up 4.5% at 614.20p.