Mobileye Global Inc. (Nasdaq: MBLY) today reported a 16% rise in revenue in the first quarter of 2023 to $458 million and non-GAAP earnings per share of $0.14. The advanced driving assistance systems (ADAS) company reported a GAAP net loss $79 million or $0.10 per share.
The company also cut its 2023 revenue guidance by 6.5% to $2.065-2.114 billion and as a result its share price is down 20.40% in premarket trading. Yesterday the share price fell 3.86% to $43.09, giving a market cap of $34.554 billion.
The reason for the cut in guidance was the fall in expected sales of autonomous driving system SuperVision. Mobileye President and CEO Prof. Amnon Shashua said, "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."
He added, " 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."
Published by Globes, Israel business news - en.globes.co.il - on April 27, 2023.
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