Viking Holdings Ltd. (NYSE: VIK) shares plummeted 7.43% in intraday trading on Tuesday, despite the cruise operator reporting better-than-expected first-quarter results for 2025. The significant drop in share price suggests that investors may be focusing on concerns beyond the company's recent financial performance.

Viking reported a narrower-than-expected loss of $0.24 per share, beating analyst estimates of a $0.28 loss. This represents a 27.27% improvement from the $0.33 loss per share in the same period last year. Revenue for the quarter came in at $897.06 million, surpassing the consensus estimate of $842.53 million and marking a robust 24.91% increase from the previous year.

Despite these positive results, investors appear to be cautious about Viking's future prospects. The company's plans to take delivery of one ocean ship and nine river vessels during the remainder of 2025 indicate continued expansion, which could be raising questions about capital expenditures and future profitability. Additionally, broader market conditions affecting the travel industry may be contributing to the stock's decline. As the market digests this information, investors will be closely watching for any additional guidance or commentary from Viking's management regarding their growth strategy and financial projections for the rest of the year.