Hot IPO Viking Is a Fjord Tough Stock
May has been an adventurous month for (NYSE: VIK). The world's leading operator of river cruise sailings went public at $24 on May 1. On Wednesday, it delivered its first financial update as a public company. It didn't go over as well as its market debut earlier in the month.
The waters were rough on Wednesday. All but 55 of the S 500 components moved lower on a down day for the market. The shares tumbled nearly 3% for the day after announcing its first-quarter results in the morning. The stock is still trading 24% higher than its initial public offering (IPO) price, so investors can't be feeling too bad. Let's wade deeper into Viking's christening as a publicly traded business.
Viking's first quarter since going public may not seem all that inspiring at first. Revenue rose 14% to reach $718.2 million for the first three months of 2024. This is well below the 20% to 29% top-line growth that the country's three largest cruise line operators posted earlier this earnings season, but let's not call Viking a laggard.
Source Fool.com
