Carnival's Shares Sink Like a Rock After It Releases Q3 Summary Results

The stock value of cruise ship company Carnival Corporation (NYSE: CCL) ran aground on the economic reefs of COVID-19 today after the company released a preliminary summary of the results of its third quarter ended Aug. 31. News of an almost $3 billion loss during Q3 sent investors scrambling for the lifeboats, dropping share prices more than 9% by mid-afternoon.

The Form 8-K Current Report to the Securities & Exchange Commission (SEC) says Carnival's preliminary estimate under generally accepted accounting principles (GAAP) is a $2.9 billion net loss for Q3, or an adjusted net loss of $1.7 billion. The cruise line has $8.2 billion in cash and cash equivalents as of Aug. 31.

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Source Fool.com