Royal Caribbean Reports Third Straight $1 Billion Quarterly Loss

For the third time in three quarters, Royal Caribbean (NYSE: RCL) posted losses exceeding $1 billion Thursday, and also said it is burning through cash at a rate of $250 million to $290 million a month. Royal Caribbean said passenger ticket revenue was just $3.2 million this quarter compared to the $2.3 billion it generated a year ago, but with a business that has been dry-docked globally since March, no one was expecting to see anything better.