The past few years have proven to be prosperous for numerous leisure and travel companies as consumers embrace vacations like never before. In fact, the surge in demand has prompted cruise company Royal Caribbean (NYSE:RCL) to go on a massive hiring spree.
On a Hiring Spree
RCL is in discussions with various global markets to recruit thousands of workers for its ships and private destinations. According to Reuters, the company aims to hire nearly 10,000 employees this year.
This hiring spree comes after a 7% reduction in RCL’s workforce to around 88,700 last year. The need for additional staff arises as consumers responded enthusiastically to RCL’s recent launch of the Icon of the Seas, the largest cruise ship in the world. The company plans to introduce three more ships this year. Reportedly, RCL has been engaging with tourism boards and port operators across multiple markets, including Jamaica, the British Virgin Islands, St. Maarten, and Gambia, in recent times.
Last month, RCL reported a 29% increase in its Q1 revenue and raised its financial outlook for the full year. It anticipates that net yields will improve by 10.2%-10.7% for the upcoming quarter and by 9%-10% for the full year.
What Is the Price Forecast for RCL Stock?
RCL’s stock price has soared by nearly 81% over the past year. Overall, the Street has a Strong Buy consensus rating on the stock, alongside an average RCL price target of $150.67.
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