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- Carnival Corp. & plc had a good run in Q1 2023.
- Can they continue to sail through the financial storm the world is facing?
Can Carnival Corp. & plc (NASDAQ: CCL), celebrate with their upcoming stock scenario? The company was founded in 1972, headquartered in Miami, Florida, the United States. In 2022, they claimed to have almost 50% of the global cruising market share.
Carnival Corp & Braves Global Economic Headwinds
Despite battling volatile fuel prices and currency rates, a strong rise in demand made Carnival Corp’s latest fiscal quarter which ended on February 28, 2023, generate a revenue of $4.4 billion, with year-over-year growth of 175%. The company served 2.7 million passengers, which is more than double compared to last cycle’s 1 million.
Revenue outperformed the leadership’s expectations. The bookings were highest in the history of its business in the last quarter – CEO Josh Weinstein said they are booked over 70% for the remaining year. The three-month period saw record customer deposits of $5.7 billion.
Despite all these positives, there were some concerning points, too; in Q1 2023, Carnival Corp. & plc booked a net loss of $693 million. In comparison to 2022, the total net loss was $6.1 billion. The travel company could not generate any positive profit since COVID-19.
From the first quarter of 2020, the company has been unable to generate positive profits. Balance sheets also show a debt of $30 billion. The surge in latest fiscal quarter, shows a net loss of $693 million. Carnival Corp.’s net loss in 2022 was $6.1 billion.
Carnival Corp. & plc (CCL) – The Number Game
When writing, CCL stock was trading at $10.16 with a gain of 2.73%; previous close and open were at $9.89 and $10.12, respectively. With an average volume of 45.53 million shares, the market cap is strong at $14.031 billion. Analysts have placed the target at $11.62 per stock with a 14.4% upside.
With a 2.27 rating for HOLD and a bearish short interest of 11.80%, shares sold short indicate carefully treading the waters. Concerning February 2023 data, the year-over-year change revenue gained 173.14% from $4.43 billion, and revenue per share was $12.38. The operating expenses jumped 24.13% from $2.04 billion, and net income was negative $693.00 million and hiked by 63.35%.
The earnings per share (EPS) gained 66.81% from negative $0.55, while EBITDA ratings hiked by 142.72% from $397.75 million. The last earnings were reported on March 27, 2023, where the estimated revenue was $4.318 billion, while the reported revenue was $4.432 billion, with a surprise of $113.606 million and a hike of 2.63%. The next earnings are scheduled on June 22, 2023, with an estimated revenue of $4.792 billion.
Carnival Corp. & plc (CCL) – Candle Exploration
Positives are on Carnival Corp. & plc (NASDAQ: CCL), with a short-term bullish sentiment, a positive overlap in MACD and a supposedly upward-going EMA. If the trend continues, the price might enter the supply zone, but a breakthrough from the immediate resistance present at $11.48 is essential for it to happen.
Source: CCL; TradingView
If the sentiments are reversed, they might cross the immediate support at the $8.50 mark but bounce off from the demand zone. It could bounce between immediate support and resistance for some time, and a breakout in any direction would signal further movement.
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
