MBLY Stock Recent News

Shares of Mobileye Global Inc. (MBLY) lost a quarter of their value Thursday after the Israel-based maker of self-driving vehicle technology gave a full-year outlook that fell well short of estimates.

The auto chipmaker, majority-owned by Intel, warned that customer order numbers would fall short of the year-ago quarter, citing excess inventory.

Mobileye Global Inc shares sank as much as 30% in pre-market trading on Thursday after the self-driving technology developer issued a revenue warning as its customers cope with excess inventory.  Mobileye said it expects its first-quarter 2024 revenue to fall about 50% from the $458 million it generated during the comparable period in 2023.

Mobileye Global shares were diving on Thursday after the autonomous-driving systems company said it expects a fall in revenue for the first quarter of the year.

Shares of Mobileye Global Inc. were tanking in Thursday's premarket action after the company, which makes self-driving technology, issued a revenue warning as its customers deal with excess inventory.

Mobileye's growth rate has slowed, but the potential for revenue growth remains high with the adoption of autonomous driving systems. The company's focus on selling hardware and software solutions for autonomous driving remains lucrative, despite missed opportunities in the robotaxi market. Mobileye's Q3 results showed decent performance, with growth in revenue and net income, and the company expects to exceed its revenue design wins in 2022.

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Self-driving car technology is not yet ready for widespread adoption, with estimates suggesting it may take another five to ten years. Mobileye, a leader in self-driving car technology, offers a range of advanced driver assistance systems and is working towards fully autonomous driving solutions. MBLY has competitive advantages including being a first mover in the industry, having extensive self-driving data sets, and advanced software and hardware solutions.

Mobileye Global (MBLY) reachead $40.35 at the closing of the latest trading day, reflecting a -1.75% change compared to its last close.

The latest trading day saw Mobileye Global (MBLY) settling at $39.72, representing a +1.15% change from its previous close.