Carnival Reports $2 Billion Quarterly Loss

Carnival reports $2 billion quarterly loss. This is due to COVID-19 pandemic restrictions on the cruising industry, which has decimated Carnival and its business. The company reported a net loss of only $781 million this time last year. It is working to bring all its ships back in service by the end of the year. Also they hope a broader distribution of COVID-19 vaccines and cheaper testing will help end the pandemic.

The company said it ended the fiscal year with $9.5 billion in cash and has the liquidity to sustain itself through 2021. It expects to burn cash at an average of $600 million per month in the first quarter. This is about $100 million more than in the fourth quarter as it makes preparations to restart cruises.

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