Shares of Mobileye Global (NASDAQ: MBLY) tanked in pre-market trading on Thursday after the autonomous driving and driver-assistance technology lowered its forecast for FY23. The company now expects its revenues in FY23 to range between $2.06 billion and $2.11 billion versus analysts’ expectations of $2.25 billion. Adjusted operating income is projected to range from $548 to $577 million in FY23.
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The company cited lowered volumes of SuperVision in 2023 which is likely to impact the midpoint of its annual revenue, operating loss, and adjusted operating income guidance by about 6.5%, 34%, and 6.5%, respectively. Mobileye added that while order flows from its biggest SuperVision customer have improved in the past few weeks, the Chinese EV market has been adversely affected due to “meaningful pricing actions by a global EV OEM, reduction of government electric vehicle subsidies, and general economic weakness in the country.’
In fiscal Q1, MBLY reported revenues of $458 million, up by 16% year-over-year and exceeding consensus estimates of $454.67 million. Adjusted earnings came in at $0.14 per share, a decline of 11% year-over-year and above Street expectations of $0.13 per share.
Overall, analysts are bullish about MBLY stock with a Strong Buy consensus rating based on 10 Buys and one Hold.
