Israeli company Advanced Driving Assistance Systems (ADAS). Mobily International Company The company (Nasdaq: MBLY) reported mixed financial results for the first quarter of 2024. The company reported non-GAAP adjusted diluted earnings of minus $0.07 on revenue of $231.6 million, down 48% from $458 million. US in the corresponding quarter of 2023.
The results were in line with a profit warning issued at the beginning of the year when Mobileye, owned by Intel Corp. Led by CEO Professor Amnon Shashua, it expects revenues to fall by 50% in the first quarter of 2024 to $229. $1 million due to excess inventory for customers, after previously having excess inventory due to supply chain concerns. Following this announcement, Mobileye's stock price fell by 25% in one day, but has since risen by more than 30%. Yesterday the stock price rose 2.27% to $31.12, giving a market cap of $25.09 billion, and today the stock price opened 4.80% lower at $29.63, giving a market cap of $24 billion.
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Mobileye declined to provide guidance for the second quarter but analysts see revenue jumping to $433.2 million with non-GAAP earnings of $0.08 per share.
Mobileye itself reiterated its 2024 revenue guidance of $1.83-1.96 billion and operating profit of $270-360 million. Analysts expect earnings per share to reach $0.39.
“The first quarter financial results reflect a reset of the supply chain as excess inventory held by our customers is consumed,” Shashua said. “We are encouraged that the inventory drawdown and associated revenue recovery appears to be on track for where we are.” Established in January From a business development and strategy perspective, the first quarter was very productive in generating momentum across our multiple future waves of growth. In core and cloud-enhanced advanced driver assistance systems, we achieved a record level of design wins in terms of volume expected in the future. That's in part due to the new features and technology included in the EyeQ6L product Our SuperVision and Chauffeur development line expanded during the quarter, reflecting 1) the major announcement of the Volkswagen Group's design win and 2) the growing consensus among automotive OEMs looking to- /Laissez-faire (on a scalable path to zero-sight) is an important feature necessary for mainstream vehicles in the near future. “For Mobileye Drive, we continue to build an ecosystem of vehicle manufacturers and network operators that see ourselves as the drive system as an enabler for more convenient and efficient transportation.”
“Our main focus in 2024 is to successfully implement our existing advanced programs and turn the unprecedented opportunity currently on the table into awards series production,” he added.
Published by Globes, Israel Business News – en.globes.co.il – on April 25, 2024.
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