Carnival Corp. (NYSE: CCL) shares were trading more than 8% lower pre-market today following price gains from Friday when the company released its Q2 earnings. Q2 EPS came in at ($1.61), worse than the Street estimate of ($1.09). Revenue was $2.4 billion, missing the Street estimate of $2.64 billion.

According to the analysts at Berenberg Bank, the positive rhetoric on the outlook is wearing thin, with little evidence to suggest that short term there will be a meaningful uptick in recent trends. While occupancy for the latest quarter was 69%, the company confirmed on its Q1/22 conference call that occupancy in March was nearly 70%, suggesting that there was only a modest improvement in the quarter. According to the analyst, this is a worrying sign given that bookings for March will have been more affected by Omicron.