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5/4, 1:43 PM (Source: TeleTrader)
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Ferrari reports revenue of €1 billion in Q1

Ferrari N.V. said on Tuesday that its revenue in the first quarter of 2021 stood at €1 billion, rising 8% year on year.

The luxury carmaker added its adjusted net income jumped 24% to €206 million, or €1.11 per share. Meanwhile, shipments increased by 1% compared to the first quarter of 2020 to reach 2,771 units.

"This strong start augurs well for the rest of 2021 and is testimony to the resilience of our business model as well as the extraordinary work of the women and men of Ferrari. Looking ahead, we expect the prudent steps we took in 2020 and are continuing in 2021 to adjust our expenditure in response to the Covid-19 emergency, will postpone by one year the achievement of our year-end 2022 guidance," CEO John Elkann stated.

Ferrari shares listed on the New York Stock Exchange (NYSE) slid 3.74% in premarket trading after the earnings report was released.

Breaking the News / NP