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Why Royal Caribbean Stock Is Trading Higher Today

Published 24/06/2022, 17:42
© Reuters.  Why Royal Caribbean Stock Is Trading Higher Today
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Royal Caribbean (NYSE: RCL) shares are trading higher in sympathy with Carnival (NYSE: NYSE:CCL), after the company provided a second quarter 2022 business update.

Revenue of Carnival increased by nearly 50% in the second quarter of 2022 compared to first quarter 2022, reflecting continued sequential improvement for all cruise lines. Occupancy in the second quarter of 2022 was 69%, an increase from 54% in the prior quarter.

Royal Caribbean, and also Norwegian Cruise Lines (NYSE: NCLH), are trading higher today as Carnival's quarter-over-quarter improvement helped boost sentitment in the cruise sector, which was disrupted due to the Covid-19 pandemic.

Royal Caribbean is the world's second-largest cruise company, operating 63 ships across five global and partner brands in the cruise vacation industry, with 11 more ships on order.

The stock was trading about 13.9% higher at $41.10 per share on Friday at the time of publication.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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