Mobileye: 2023 targets tightened, warning on 2024
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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