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Royal Caribbean's quarterly revenue falls 2 pct

The Quantum of the Seas sails into New York Harbor.
Royal Caribbean International | PRNewsFoto
The Quantum of the Seas sails into New York Harbor.

Cruise operator Royal Caribbean Cruises' quarterly revenue fell 2 percent due to weak pricing in Caribbean, its biggest market.

Shares of the world's second-largest cruise operator by revenue fell 5.3 percent to $77.50 in premarket trading.

Royal Caribbean has been battling intense competition in the Caribbean from smaller rivals such as Europe-based MSC Cruises, who offer cheaper packages.

Royal Caribbean's net income rose to $109.8 million, or 49 cents per share, in the fourth quarter ended Dec. 31 from $7.02 million, or 3 cents per share, a year earlier.

Excluding items, the company earned 32 cents per share.

Revenue fell to $1.82 billion from $1.85 billion.