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Mobileye's Q2 revenue beats estimates, cuts annual operating loss estimate

Update time : 2023-07-29 11:56:59

Intel-owned self-driving company Mobileye Global said it expects to narrow its full-year operating loss as strong demand for the company's driver-assistance technology helped it post better-than-expected quarterly revenue, Reuters reported.

Mobileye, whose customers include BMW, Nissan and Volkswagen, benefited from strong demand for its technology in North America and Europe, which helped offset a weak performance in China.
Mobileye now expects an annual operating loss of $98 million to $129 million, compared with its previous forecast of a loss of $166 million to $195 million. However, its revenue forecast has not been revised upward.
Michael Schulman, chief investment officer at Running Point Capital, said, "Mobileye's results were mostly positive, but ...... I think some investors reduced their positions because of the good news. " Mobileye reiterated its annual revenue forecast range of $2.07 billion to $2.11 billion.
Israel-based Mobileye reported second-quarter revenue of $454 million, compared with analysts' expectations of $450.6 million, according to Refinitiv.
Mobileye CEO Amnon Shashua said, "Future business highlights in the quarter included tangible proof of our deep relationship with the Volkswagen Group and meaningful collaborations to expand our advanced product portfolio to nine large OEMs (original equipment manufacturers)."
Mobileye said in May that Porsche and Volkswagen Commercial Vehicles would work with Mobileye to integrate its self-driving software into future models.
Gross margins expanded to 49 percent in the quarter from 45 percent in the previous three months, thanks to a more than 10 percent decline in total operating expenses from a year earlier. On an adjusted basis, Mobileye earned 17 cents per share, beating estimates of 12 cents. Mobileye, in which Intel retains a majority stake, went public on the Nasdaq last year, raising $861 million in an initial public offering. Intel acquired Mobileye in 2017 for $15 billion.

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