Mobileye Prelim Q4 Revenue Climbs, Expects Q1 Profit To Slip; Stock Down Over 27% In Pre-Market

(RTTNews) - Mobileye Global Inc. (MBLY), a developer of autonomous driving technologies and driver-assistance systems, on Thursday reported preliminary results for the fourth-quarter and full year.

For the fourth-quarter, the company sees operating income of $67 million to $73 million.

Mobileye Global expects its fourth-quarter revenue to be in the range of $634 million to $638 million. On average, 19 analysts polled by Thomson Reuters project the firm to record revenue of $636.59 million, for the quarter.

For the fourth-quarter of 2022, the company had reported revenue of $565 million.

For the full year, MBLY expects operating loss of $39 million to $33 million, on revenue of $2.076 billion to $2.080 billion. Analysts, on average expect the firm to record revenue of $2.08 billion, for the year.

Looking ahead, for the first-quarter, the tech firm expects that the lower-than-expected volumes in the EyeQ SoC business will hurt profitability and projects profit levels to be significantly below the subsequent quarters.

For the first-quarter, the company projects operating loss of $257 million to $242 million.

For the first-quarter, due to excess inventories, the firm expects revenue to be down around 50 percent, as compared with the $458 million revenue generated for the first quarter of 2023.

The company currently believes that revenue over the balance of the year will be impacted by inventory draw downs to a much lesser extent. As a result, it expects revenue for the second-quarter through the fourth-quarter on a combined basis to be roughly flat to up mid single-digits as compared to the same period in 2023.

For the full-year 2024, the company projects revenue of $1.830 billion to $1.960 billion, below the analysts' view of $2.59 billion. For the full-year 2024, Mobileye Global expects operating loss of $468 million to $378 million.

MBLY was trading down by 26.28 percent at $29.28 per share in the pre-market trade on the Nasdaq.