Ferrari continues to benefit from Formula 1’s popularity, judging by the Italian automaker’s latest earnings report.
The iconic car brand generated a quarterly record $1.3 billion in revenue in Q2 2022 — a 24.9% increase year-over-year — surpassing Wall Street analysts’ estimates of $1 billion in revenue.
- Ferrari shipped 3,455 vehicles in Q2 2022, a 28.7% increase year-over-year.
- The brand wasn’t hindered by supply chain constraints due to small sales volumes.
- Sponsorship, commercial, and brand revenue reached $119 million, up 29.5% year-over-year.
- The segment benefited from the popularity of the Scuderia Ferrari F1 team.
With its impressive quarter, Ferrari has raised its full-year revenue guidance to $5 billion in revenue for FY2022, up from the $4.9 billion in revenue projected for the year.
Trouble on the Track
Ferrari is the all-time winningest F1 team but hasn’t won a Constructors’ Championship since 2008. Despite four wins this season, Ferrari has been marred by glaring mechanical and strategic issues, failing to meet the needs of drivers Charles Leclerc and Carlos Sainz.
The duo will be with the Prancing Horse through the 2024 season, with Leclerc on a reported $12 million annual salary, while Sainz pockets $10 million per year.
Following the Hungarian Grand Prix on July 31, Ferrari is ranked second in the Constructors’ standings, with Leclerc and Sainz ranking second and fifth among drivers, respectively.