Mobileye Stock Drops 10% After Reducing Full-Year Revenue Guidance
Mobileye (NASDAQ:MBLY) shares plummeted 10% in pre-market today after the autonomous driving technology company lowered its revenue guidance for the full fiscal year 2024, falling short of analysts' expectations.
In the second quarter, Mobileye reported earnings per share (EPS) of $0.09, beating the Street estimate of $0.08. Revenue for the quarter was $439 million, slightly above the Street projection of $438.08 million. The company's adjusted operating income also outperformed, coming in at $79 million compared to the estimated $56.2 million.
Mobileye reported an adjusted gross margin of 69%, surpassing the Street estimate of 66.6%, while the adjusted operating margin was 18%, higher than the 13.1% expected by analysts.
Looking ahead, Mobileye revised its revenue forecast for the full year, now expecting between $1.60 billion and $1.68 billion, down from the previous guidance of $1.83 billion to $1.96 billion and below the Street estimate of $1.88 billion. This adjustment reflects the company's reassessment of market conditions and sales expectations, resulting in a more cautious outlook.
| Symbol | Price | %chg |
|---|---|---|
| ASII.JK | 4930 | 0.81 |
| MASA.JK | 6200 | 0 |
| 012330.KS | 253000 | 0.79 |
| AUTO.JK | 2200 | -0.91 |
Mobileye Global Inc. (NASDAQ:MBLY) Faces Competitive Landscape and Analysts' Price Target Adjustments
- The consensus price target for Mobileye Global Inc. (NASDAQ:MBLY) has been adjusted downwards, indicating potential market and competitive pressures.
- Despite the downward trend, Tigress Financial sets a notably higher price target of $52, showcasing differing analyst opinions on Mobileye's future performance.
- Upcoming third-quarter earnings with an expected EPS of 9 cents and revenues of $481.74 million are crucial for assessing Mobileye's financial health and future prospects.
Mobileye Global Inc. (NASDAQ:MBLY) is a key player in the field of advanced driver assistance systems (ADAS) and autonomous driving technologies. As a subsidiary of Intel Overseas Funding Corporation, Mobileye offers a wide range of solutions, from basic driver assist features to sophisticated autonomous driving systems. The company operates in a competitive landscape, with rivals like Tesla and Waymo also advancing in autonomous technology.
The consensus price target for Mobileye's stock has seen a downward trend over the past year. A year ago, analysts set a target of $26.18, which decreased to $22.63 last quarter and further to $20 last month. This decline may be due to changing market conditions or competitive pressures. However, Tigress Financial has set a notably higher price target of $52, indicating differing analyst opinions.
Mobileye is gearing up to announce its third-quarter earnings, with expectations set by the Zacks Consensus Estimate. The anticipated earnings per share are projected at 9 cents, while revenues are expected to reach approximately $481.74 million. These figures will be crucial in assessing the company's financial health and could influence future price targets.
Investors should pay attention to Mobileye's strategic initiatives and any updates from Intel, as these could impact the company's performance and analysts' price targets. Developments in autonomous driving technology, partnerships, and regulatory changes are also important factors that could affect Mobileye's stock outlook.
Mobileye Shares Up 6% on Q2 Beat & Strong Outlook
Mobileye (NASDAQ:MBLY) shares gained more than 6% on Friday after the company reported its Q2 results, with non-GAAP EPS coming in at $0.14, better than the Street estimate of $0.12. Revenue grew 38% year-over-year to $450 million, beating the Street estimate of $447.04 million.
The company provided its outlook, expecting Q4/22 revenue in the range of $527-545 million, compared to the Street estimate of $483.72 million. Full-year revenue is expected to be in the range of $1.831-1.849 billion, compared to the Street estimate of $1.75 billion.
