Why Are Luxury Sports Car Maker Ferrari's Shares Racing Today?
Portfolio Pulse from Shivani Kumaresan
Ferrari N.V. (NYSE:RACE) shares are rising after reporting better-than-expected Q3 FY23 earnings. Sales grew 23.5% YoY to $1.681 billion, beating the analyst consensus estimate. Adjusted EBITDA rose 37% YoY and net profit increased 46%. The company raised its FY23 net revenue and EPS guidance. RACE shares are trading higher by 5.95%.
November 02, 2023 | 5:59 pm
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Ferrari's better-than-expected Q3 FY23 earnings and raised FY23 guidance have led to a rise in its share price.
Ferrari reported strong Q3 FY23 earnings, beating analyst estimates. This positive news, along with the raised FY23 guidance, has increased investor confidence, leading to a rise in the company's share price.
CONFIDENCE 95
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