FRANKFURT (Reuters) - Porsche on Friday reported a 30% drop in first-quarter operating profit, citing higher investments in what the German luxury carmaker has called its biggest year of product launches in history.

Operating profit in the first three months of 2024 came in at 1.28 billion euros ($1.37 billion), in line with an LSEG estimate, while sales for the period stood at 9.01 billion, beating the 8.77 billion forecast.

($1 = 0.9348 euros)

(Reporting by Christoph Steitz and Andrey Sychev, Editing by Friederike Heine)