Despite ongoing issues on the track, off the track Ferrari have been more successful than ever before, with the Italian manufacturer having recorded revenue of $1.3bn in Q2 of 2022.
The sum is more than was predicted by Wall Street analysts, who expected the famous brand to make just one billion in Q2 of this year; however, with the popularity of Formula 1 continuing to increase, it’s massively benefitted the manufacturer’s profits.
The record revenue is 24.9% more than they managed in Q2 of 2021, resulting in Ferrari announcing that they expect to make five billion dollars by the end of the year.
Despite ongoing shipping problems due to the Coronavirus and the conflict in Ukraine, Ferrari still managed to ship 3,455 vehicles, 28.7% more than they managed during the same period last year.
Ferrari aren’t only selling more vehicles; they’ve also seen their sponsorship, commercial, and brand revenue increase by a staggering 29.5%, compared to Q2 in 2021.
Prior to their Q2 revenue, Ferrari were expecting to make $4.9B; however, their impressive Q2 has seen this increased to five billion dollars as mentioned.
The company’s sponsorship, commercial, and brand revenue has benefitted massively from the Scuderia F1 Team.
With the sport becoming more popular than ever before, Ferrari have become even more of a fan favourite.
The team are currently second in both the Drivers’ and Constructors’ Championships but have faced trouble as of late.
Strategic errors and reliability problems have seen both Charles Leclerc and Carlos Sainz lose excellent results, with Leclerc having lost the race lead three times alone from just strategic errors.
It’s led to reports that team principal Mattia Binotto will potentially be sacked during the summer break, with the Scuderia having taken a giant step backwards from where they were at the start of the season.
Leclerc won two of the opening three races, before not winning again until the Austrian Grand Prix.
As a result of the problems Ferrari have faced, they now sit 97 points behind Red Bull Racing in the Constructors’ Championship, with Leclerc 80 points behind Max Verstappen in the Drivers’ Championship.