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.

Two hours after the Wall Street opening, the stock gained just under 2%, making up for a small part of the 35% loss incurred following its profit warning on January 4.

This morning, the Israeli group reported fourth-quarter sales of $637 million, up 13% year-on-year.

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

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

The troubles of the group, which is due to go public in 2022, are due to a currently excessive level of inventory among 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 for the first quarter of the 2024 financial year, and expected a significant improvement in sales in the second quarter, with demand not expected to "normalize" until the second half of the year.

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