Core Viewpoint - Norwegian Cruise Line Holdings reported better-than-expected earnings but missed revenue expectations, leading to a significant decline in stock price despite the earnings beat [2][3]. Financial Performance - Adjusted earnings were $1.20 per share, surpassing the $1.16 consensus among analysts [3]. - Revenue increased by 4.7% to $2.94 billion, but fell short of the anticipated $3.02 billion [3]. Outlook and Guidance - The company revised its full-year outlook for net yield down to 2.3% to 2.4%, from a previous estimate of 2.5% [4]. - Net yield increased approximately 1.6% on an as-reported basis and 1.5% on a constant currency basis in Q3, but this was below analysts' expectations for 1.7% growth [4]. Market Reaction - Following the earnings report, Norwegian's stock dropped 15% to $18.86, contributing to a total decline of 27% for the year [3][7]. - In contrast, peers Carnival and Royal Caribbean Group saw stock increases of 5.1% and 14%, respectively, indicating a mixed performance within the cruise industry [7]. Industry Context - There are concerns about softening demand for cruises as consumers reduce spending after a post-pandemic travel boom, which is reflected in Norwegian's latest results [7].