Mobileye reports Q1 adjusted EPS 14c, consensus 12c

Reports Q1 revenue $458M, consensus $456.72M. "The business performed very well in Q1, including 16% revenue growth as both our EyeQ and SuperVision business lines grew strongly, significantly outperforming underlying global auto production growth. Operating Cash flow was very robust at $171M. We continue to gain traction with our advanced product portfolio as multiple SuperVision and Chauffeur programs with global automakers approach design win conclusion. We expect that near-term SuperVision launches, such as Polestar 4 in Q4 2023, will drive customer and regional diversification in this key business, while also driving momentum with additional customers," said CEO Amnon Shashua. "Due to a number of headwinds lowering EV demand in China, we have reduced our 2023 SuperVision shipment forecast which is negatively impacting our annual financial guidance as explained below. We see this as a temporary issue that should not impact the potential for this business to accelerate our top and bottom-line growth as it scales, diversifies, and becomes more predictable with additional OEMs and vehicle launches. We will continue to invest heavily (while maintaining strong profitability) during 2023 to productize and launch our advanced solutions. We feel more confident than ever that the opportunities ahead of us can deliver substantial benefits to our investors, our customers, and other stakeholders."