Mobileye: share price regains ground after results

(CercleFinance.com) - Mobileye, a specialist in autonomous driving technologies, announced better-than-expected quarterly results on Thursday, reassuring investors after the serious profit warning issued at the beginning of the month.


Note the stock's 35% loss following its profit warning on 4 January.

This morning, the Israeli group reported Q4 sales of $637m, up 13% y-o-y.

Net income rose to $228m, or 28 cents per share, from $215m (27 cents per share) in Q4 2022.

By way of comparison, analysts were expecting EPS of 27 cents.

The group's troubles, which was floated in 2022, are due to a currently excessive level of inventory amongst its customers, notably for the 'EyeQ' system-on-a-chip that equips vehicles' front cameras.

Amnon Shashua, the company's CEO, said on Thursday that the company had good visibility regarding Q1 2024, and expects a significant improvement in sales in Q2, with demand not expected to "normalize" until H2.


Copyright (c) 2024 CercleFinance.com. All rights reserved.