Cruise operator Carnival Corp. reported a smaller-than-expected first-quarter loss and beat Wall Street estimates for revenue Monday, helped by resilient demand for leisure travel and on-board spending.

he company's shares rose about 5% in premarket trading.

Consumers at the higher end of the income rung who remain undeterred by elevated levels of inflation helped boost booking volumes and occupancy rates as restrictions imposed during the pandemic were lifted.

Carnival also benefited from easing of on-board COVID-19 protocols that ensured strong spending in casinos and spas.

The company was well booked for the remainder of the year at higher prices, Chief Executive Officer Josh Weinstein said.

Carnival posted an adjusted net loss of 55 cents per share in the first quarter, compared with estimates of a loss of 60 cents per share, according to Refinitiv.

The company's revenue rose to $4.43 billion from $1.62 billion a year earlier, beating estimates of $4.33 billion.