Viking Holdings (VIK) shares tumbled 7% Tuesday morning after the adult-oriented cruise operator sailed fewer first-quarter passengers than anticipated. Shares of rival carriers declined as well.

The company reported the number of passe𒀰ngers caꦐrried in Q1 came in at 103,482, well below the 191,520 estimate of analysts surveyed by Visible Alpha. 

The news offset strong qܫuarterly results. Viking slashed its loss by 79% year-over-year to $105.5 million, and its loss per share of $0.24 was $0.03 better than forecasts. Revenue rose 25% to $897.1 million, also more than expected.

CEO Torstein Hagen pointed out that the company boosted capacity by nearly 15%, and net yield increased 7% to $544. Hagen said those were "clear indicators of the robust demand for meaningful and enriching travel experiences among our core demographic."

Hagen added that 2025 "is off to a remarkable start," with the company having booked 92% of its capacity for the 2025 season and 37% of its capacity for the 2026 season.

With today's decline, shares of Viking Holdings moved slightly into negative territory for 2025.