Mobileye, the autonomous-driving systems company owned by Intel, has issued a revenue warning that has led to a significant drop in its stock price, with shares down 27% in premarket trading. The company forecasted its 2024 revenue to be between $1.83 billion and $1.96 billion, which is considerably lower than the estimated $2.58 billion. The shortfall is attributed to two main factors: Tier 1 customers working through accumulated inventories of ADAS chips and lower production from OEM/automakers. As a result, Mobileye expects its first quarter revenue for 2024 to be roughly 50% lower than the same period in the previous year, and an operating loss between $468M and $378M. Shares of Mobileye plunged in premarket trading, with reports indicating a decline of up to 30%. The company's excess inventory is estimated to be around 6-7 million units of EyeQ® SoCs. The news has also negatively impacted the stock of its parent company, Intel, with premarket shares falling by 4%.
Mobileye shares crash after warning of automotive customers' chip glut https://t.co/MP2K3uwlJJ
Mobileye plunges as full-year revenue forecast falls short https://t.co/XDvadUbjPq via @business $MBLY -24.55% https://t.co/RH1wccMRKU
Auto chip specialist Mobileye's stock plunges nearly 27% on order drop from car makers https://t.co/zCmuPO0jyN
Mobileye shares down 25%. $MBLY gave a FY outlook significantly below Wall Street expectations as Tier 1 customers and automakers cut orders to work through a build up in ADAS chip inventories Discussed with @GuyJohnsonTV @kgreifeld on @BloombergTV https://t.co/SDRGWPVbLs https://t.co/W1zghxxDR7
Mobileye Crumbles on Revenue Warning. It Could Be Trouble for 2 Chip Stocks. https://t.co/COl6yr0l1G
Mobileye plunging on a grim revenue warning. It's our #ChartOfTheDay. @KristinaParts joins us to break it down. The Investment Committee discuss their top chip plays. $MBLY $INTC $SMH $QCOM $NXPI $ON $NVDA $MU $AMD https://t.co/R2Zw7Mfzii
Mobileye $MBLY the autonomous-driving systems company said it expects a 50% drop in revenue in the first quarter of this year. It's Israel’s most valuable publicly traded company, but is owned by Intel. It makes semiconductors for ADAS.
Mobileye stock drops 25% after the self-driving tech company warned that customer orders may fall in Q1 as automakers stocked up during chip shortages (@rogoswami / CNBC) https://t.co/RYizBJrHBQ 📫 Subscribe: https://t.co/OyWeKSRpIM https://t.co/Xv6QXg4dFI
Mobileye shares plunge after chipmaker warns of order pullback https://t.co/CBE5eGV1XZ
And now the Reality Hits again: $MBLY Channel totally stuffed... same faith awaits many Semi's" $SMH 2024 Revenue warning: Mobileye forecast 2024 revenue between $1.83 billion and $1.96 billion, compared with estimates of $2.58 billion. https://t.co/ubQNdKAKgs https://t.co/MnhLwM8y7n
$INTC Intel's spin-off Mobileye $MBLY released its FY24 outlook. • Revenue to decline by 9% Y/Y to $1.9B. • Operating loss between $468M and $378M. https://t.co/TJOY4rapTL
Mobileye Shares Sink as Full-Year Revenue Forecast Falls Short $MBLY https://t.co/SDRGWPVbLs
MOBILEYE SHARES ARE DOWN 30% TODAY *MOBILEYE SEES 1Q REVENUE DOWN ABOUT 50% AS COMPARED TO 1Q OF 2023 *MOBILEYE SEES 2024 FULL YEAR REVENUE OF $1.89 BILLION MISSING ANALYST ESTIMATES OF $2.6 BILLION $MBLY https://t.co/Ajvlan1viW
Israeli autonomous driving technology maker Mobileye shares tumble as much as 29% in premarket trading after revenue forecasts fall well short of Wall Street's expectations https://t.co/xx84JhyX7Y
Mobileye shares plunge on profit warning https://t.co/6oWKtG93af
🚘 Israel based Self Driving tech company Mobileye $MBLY -30% premarket after giving concerning outlook. ▪️Customers pulling back orders ▪️Supply glut for chips ▪️Parent company $INTC ▪️Peers (sentiment plays) $NXPI $ON $TXN $WOLF @BLyons151 @watchhillgirl1 @palantirbull1 https://t.co/8gjCNRna97
Mobileye guides for Q1 revenues to be down ~50% YoY: "we have become aware of excess inventory at our customers, which we believe to be 6-7M units of EyeQ SoCs...As a result, we expect that Q1 24 revenue will be significantly below Q1 23 revenues" $MBLY: -28% PM $INTC: -4% PM https://t.co/gcCY56GFVn
Mobileye expects chip supply glut to hit 2024 revenue, shares fall https://t.co/lrvdLRu4P5 https://t.co/E8rbPEi7ME
$MBLY is down 27% in premarket. Says revenue in 2024 will be between $1.83 billion and $1.96 billion (Est. was $2.58B). The shortfall: 1) Tier 1 customers are working through ADAS chip inventories that built up. 2) Lower OEM/automaker production. https://t.co/tEU18Lw39B
04/01/2024 Headlines 1. Mobileye Shares Tumble on Forecast 2. Oil Prices Surge Amid Tensions 3. Dollar Falls Post-Fed Minutes 4. Ukraine's Exports Hit Decade Low #quanticX #quanticXDailyNews 👉 Follow us for more updates! https://t.co/AQ6GLqzB95
Mobileye Stock Plunges After Revenue Warning. Why It’s Bad News for Intel. https://t.co/puntzqttaJ
$MBLY Mobileye offers preliminary Q4 results (not bad) and FY24 guidance (bad.) "...we have become aware of excess inventory at our customers, which we believe to be 6-7 million units of EyeQ® SoCs." -24.5% pre-market. https://t.co/shuStKcq1i
02/01/2024 Headlines 1. Apple's Stock Downgraded by Barclays 2. Oil Prices Surge After Red Sea Clash 3. Dollar Rises Against Yen and Euro 4. Indonesia Records Smallest Fiscal Deficit in 12 Years #quanticX #quanticXDailyNews Follow us for more updates! https://t.co/2i9pwh7IIm