Royal Caribbean loses $1.4 billion in first quarter

(SOURCE: AP) –  Royal Caribbean Cruises on Wednesday reported a first-quarter loss of $1.4 billion as the company had to suspend operations due to the global coronavirus pandemic.

Even though the loss was more than Wall Street expected, shares in the company’s stock rose more than 3% in early trading after the cruise ship company said its bookings for 2021 are within historical ranges.

Royal Caribbean suspended its global cruise operations on March 13, canceling 130 sailings during the quarter.

Royal Caribbean plans to resume at least some sailings on June 12.