's (NYSE: CCL) (NYSE: CUK) earnings and share price suffered in the earlier stages of the pandemic. The world's biggest cruise ship operator was forced to halt operations -- and that pushed the usually profitable company to a loss. In 2020, the stock lost 57%.

After a disastrous couple of years, though, this travel giant has greatly turned things around. In the most recent quarter, Carnival showed demand for its cruises was back -- and stronger than ever. The company even made better-than-expected improvements in narrowing its net loss.

This is all very positive news. But Carnival still faces one big problem. Let's take a closer look at one hidden drag on its results.

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Source Fool.com