-
Mobileye Global Inc (NASDAQ: MBLY) reported first-quarter FY23 revenue growth of 16% year-on-year to $458 million, beating the consensus of $456.72 million.
-
EyeQ SoC-related revenue grew 11% in the quarter due to volume and ASP growth.
-
The Average System Price was $53.9 in Q1, up from $51.0 in the prior year, driven primarily by an increased mix of advanced products.
-
Gross margin expanded by 53 bps to 45%, while adjusted gross margin decreased by 571 bps to 71% due to the higher cost of its EyeQ chip which translated into higher prices for customers on a zero-margin basis. Adjusted operating margin declined by 921 bps to 27%.
-
Non-GAAP EPS of $0.14 beat the consensus of $0.12.
-
Mobileye held $1.16 billion in cash and equivalents. Future business backlog continues to grow, with FY23 ADAS design wins projected to exceed revenue of $6.7 billion.
-
CEO Prof. Amnon Shashua said, “Due to a number of headwinds lowering EV demand in China, we have reduced our 2023 SuperVision shipment forecast, which is negatively impacting our annual financial guidance as explained below.”
-
Outlook: Mobileye slashed the FY23 revenue forecast to $2.065 billion – $2.114 billion, down from the prior $2.192 billion – $2.282 billion (consensus $2.25 billion).
-
Price Action: MBLY shares traded lower by 20.20% at $34.36 on the last check Thursday.
Don’t miss real-time alerts on your stocks – join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
This article Why Mobileye Global (MBLY) Stock Is Plunging Today originally appeared on Benzinga.com
.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
