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Norwegian Cruise Line Holdings (NCLH) inventory fell on Wednesday after the corporate reported weaker-than-expected first quarter earnings and indicated a slowdown in demand.

Shares have been down over 9% on Wednesday morning.

Cruise strains like Royal Caribbean Cruises (RCL) have been saying that demand and bookings are holding up effectively, even with considerations that folks would possibly begin spending much less on journey.

However Norwegian’s earnings report tells a distinct story, pointing to a drop in bookings over the subsequent yr.

The cruise operator reported adjusted earnings of $0.07 per share on income of $2.13 billion, falling wanting Wall Road forecasts of $0.09 per share and $2.15 billion in income.

For the second quarter, the corporate is anticipating adjusted earnings of $0.51 per share, falling beneath expectations of $0.52 per share. It additionally forecast occupancy at 102.5% for the complete yr, lacking estimates of 103.5%.

Norwegian attributed the shift to current reserving patterns and a more difficult macroeconomic atmosphere.

“Whereas we acknowledge there could also be potential pressures on the highest line, we consider these will be successfully offset by the continued execution of our price financial savings initiatives,” CEO Harry Sommer mentioned in a press release.