Mobileye's Q4: Big Wins and Expanding Tech Horizons - How It Could Drive Future Commute?
Portfolio Pulse from Anusuya Lahiri
Mobileye Global Inc (NASDAQ:MBLY) reported Q4 2023 revenue of $637.0 million, a 13% increase YOY but slightly below consensus estimates of $639.8 million. Adjusted EPS was $0.28, beating estimates by $0.01. EyeQ and SuperVision revenue rose to $611 million from $543 million, although the Average System Price decreased. Gross margin improved, but adjusted gross margin fell due to higher EyeQ chip costs. The company has $1.21 billion in cash and equivalents. CEO Prof. Amnon Shashua highlighted $7 billion in design wins and expansion in the vehicle model pipeline. FY24 revenue outlook was reiterated at $1.83 billion – $1.96 billion, below the $2.06 billion estimate. MBLY shares dropped 0.77% in premarket trading.
January 25, 2024 | 1:25 pm
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Mobileye reported a 13% YOY revenue increase in Q4 but missed revenue estimates slightly. Adjusted EPS exceeded expectations. The company announced significant design wins and expansion plans, but shares fell 0.77% premarket.
Despite the positive earnings per share beat, the slight miss on revenue expectations and cautious FY24 outlook may concern investors, leading to a negative short-term impact on the stock price. The premarket drop indicates initial investor reaction.
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