Luxury carmaker Ferrari beats third-quarter profit expectations as reveunes jump

Core Insights - Ferrari reported stronger-than-expected third-quarter profit with net revenues increasing over 7% year-on-year [1] - The company posted a net profit of 382 million euros ($439.5 million) for the July-September period, reflecting a nearly 2% increase from the previous year [2] - Analysts had anticipated a net profit of 367.33 million euros, indicating Ferrari exceeded expectations [2] Financial Performance - Net revenues rose more than 7% compared to the same period last year [1] - The net profit for the third quarter was 382 million euros, which is approximately 2% higher than the same quarter last year [2] - The profit exceeded analyst expectations, which were set at 367.33 million euros [2] Strategic Outlook - Ferrari's CEO, Benedetto Vigna, emphasized the company's strong visibility and conviction in its development path [2] - During the Capital Markets Day, Ferrari outlined a clear trajectory for sustainable growth towards 2030 [3] - Despite the positive financial results, the company faced a significant drop in share price following its 2030 guidance, which did not meet analyst expectations, resulting in a 15.4% decline on October 9 [3]