According to Bloomberg, the stock price of Ferrari, a luxury car manufacturer, fell the most in three years due to the flat earnings performance in the first quarter and the failure to raise expectations.

In the first quarter of this year, Ferrari shipped 3560 vehicles worldwide, basically the same as the same period last year (3567 vehicles). Among them, the delivery volume in Europe, the Middle East and Africa (EMEA) was 1573, up 3% year on year; The delivery volume in the Americas increased by 4% year on year to 997 vehicles; The delivery volume in Greater China was 317 vehicles, down 20% year on year.

In terms of financial performance, Ferrari's net revenue in the last quarter rose 11% year-on-year to 1.585 billion euros; EBIT was € 442 million, up 15% year on year; Net profit was 352 million euros, up 19% year on year.

Tom Narayan, an analyst at RBC Capital Markets, said, "We want to know whether some investors are still looking forward to raising interest rates." On the same day, Ferrari's share price in Milan stock market fell 6.7%, the largest one-day decline since May 2021, and trading was temporarily suspended. However, in the past year, the company's share price has still risen by about 40%.

To be sure, Ferrari's earnings are basically in line with expectations, and the company confirmed its full year expectations. At present, the market has strong demand for expensive models, such as Daytona SP3, which costs 2 million euros ($2.2 million).

Although Benedetto Vigna, CEO of Ferrari, has begun to promote the company's electrification transformation, Ferrari still relies on internal combustion engine vehicles to protect its profit margin. Ferrari is building a factory to produce hybrid and electric vehicles, and the first pure electric Ferrari model is expected to be launched at the end of 2025. In the first quarter of this year, hybrid vehicles accounted for 46% of Ferrari's shipments. (Gesch Ramy)