Mobileye, a specialist in autonomous driving technologies, issued a warning on Thursday about its 2024 results due to high inventory levels at its customers.

The Israeli group said it expected its annual sales to fall short of market forecasts, i.e. between $1.83 and $1.96 billion, compared with the consensus target of $2.60 billion.

After discussions with a number of leading OEMs, it appears that inventories for its 'EyeQ' system-on-chip (SoC), which equips vehicles' front cameras in particular, are in excess of six to seven million units.

As a result, the company now expects to deliver between 31 and 33 million EyeQ systems this year, compared with 37 million last year.

Mobileye is targeting fourth-quarter sales of between $634 and $638 million, compared with a previous forecast of between $623 and $648 million.

Adjusted operating profit for the last three months of the year is expected to be between $241 and $247 million, compared with an initial target of $202 to $219 million.

Listed on the New York Stock Exchange, Mobileye shares were expected to be down 25% at the opening on Thursday, following these details.

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