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Mobileye Global Inc (NASDAQ:MBLY) reported a fiscal second-quarter 2024 revenue decline of 3% year-on-year to $439 million, beating the analyst consensus estimate of $424.80 million.
Adjusted EPS of $0.09 beat the analyst consensus estimate of $0.07. The stock dipped after the print.
EyeQ and SuperVision revenue was $413 million vs. $430 million a year ago.
The Average System Price was $54.40, down from $51.70 in the prior year. The number of systems shipped fell to 7.6 million, down from 8.3 million a year ago.
Gross margin declined by 173 bps to 48%, while adjusted gross margin decreased by 256 bps to 69%, primarily due to the increase in revenue attributable to SuperVision.
Adjusted operating margin was 18%, down from 31% Y/Y primarily due to lower gross margin. Mobileye held $1.20 billion in cash and equivalents as of June 29, 2024.
“We are glad to report that the excess inventory at Tier 1 customers that meaningfully impacted our business in the first half of 2024 appears to be almost fully behind us, but a more significant than anticipated softening of business conditions in China (affecting the industry as a whole) is expected to lead to challenges in the second half,” CEO Amnon Shashua said.
Zeekr Collaboration: ZEEKR Intelligent Technology Holding (NYSE:ZK) and Mobileye plan to accelerate technology localization in China and integrate Mobileye technologies into the next-generation Zeekr models, building on their successful collaboration over the past several years. They aim to enhance driving safety and automation in China and the global market.
FY24 Outlook: The company reduced its revenue outlook to $1.60 billion–$1.68 billion (prior $1.83 billion–$1.96 billion) vs. the $1.87 billion estimate and adjusted operating income to $152 million–$201 million (prior $270 million–$360 million).
Price Action: MBLY shares traded lower by 11.9% at $18.65 premarket at the last check Thursday.
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Photo courtesy of Mobileye.
