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In fact, it was the cruise company's best-ever quarter for booking volumes in its history. Carnival delivered $4.4 billion in revenue in the first fiscal quarter, which represents 95% of revenue levels in the first quarter of 2019. With capacity now 4.5% above 2019 levels, CEO Josh Weinstein said during the first-quarter earnings call that he expects Carnival to reach "historical occupancies" by this summer.
Unsurprisingly, Carnival (NYSE: CCL) was decimated when the coronavirus pandemic brought travel to a complete halt, and the business is still trying to fight its way back to where it was a few years ago. Luckily for shareholders, Carnival's recent progress is a sign of hope. In the most recent fiscal quarter (Q1 2023, ended Feb. 28), Carnival generated revenue of $4.4 billion, up 175% year over year.
Shares of Carnival (NYSE: CCL) were moving higher this week after the company reported its first-quarter earnings on Monday morning. The stock actually fell initially on the earnings report, as Carnival's guidance for the rest of the year called for a wider loss than expected. Carnival's first-quarter results offered a number of reasons to be hopeful for investors who have patiently been waiting for a recovery from the pandemic.