Business
Mobileye Releases Second Quarter 2024 Results, Updates Guidance and Provides Business Overview
Revenue decreased 3% year over year to $439 million in the second quarter. Revenue increased 84% versus the first quarter of 2024 due to reduced consumption
About this update from Mobileye Global Inc.
[{"type":"text","content":"\n\nRevenue decreased 3% year over year to $439 million in the second quarter. Revenue increased 84% versus the first quarter of 2024 due to reduced consumption of excess inventory at Tier 1 customers compared to the first quarter.\n\n\n\nMore than 110% increase in number of systems shipped as compared to the first quarter of 2024 led to significant improvement in Operating Loss and Adjusted Operating Profit.\n\n\n\nWhile we believe inventory of EyeQTM chips at our Tier 1 customers has almost fully normalized as of the end of the second quarter of 2024, we have reduced our expectation for second half volume and revenue, primarily due to China-related macro factors.\n\n\n\nWe remain optimistic on the medium-term growth environment given continued SuperVisionTM / ChauffeurTM progress, a broadened relationship with Zeekr and Geely Group, and emerging traction for a high-ASP product serving mid-priced, high-volume segments.\n\n\n\nDiluted EPS (GAAP) was $(0.11) and Adjusted Diluted EPS (Non-GAAP) was $0.09 in the second quarter of 2024.\n\n\n\n \n\n\n JERUSALEM--(BUSINESS WIRE)--\nMobileye Global Inc. (Nasdaq: MBLY) (“Mobileye”) today released its financial results for the three months ended June 29, 2024.\n\n\n“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. While the conditions in China are highly volatile at the moment, we continue to invest in China for the mid and long term as we see the potential of a lucrative market over time, particularly in light of new initiatives that we believe will strengthen our positioning,” said Mobileye President and CEO Prof. Amnon Shashua. “In global markets we continue to make steady progress on the full product portfolio line from base ADAS to L4 autonomy. Moreover, we believe that our scalable portfolio is well-positioned to capitalize on a recent, rapidly-developing OEM trend towards advanced, higher-content ADAS for the mid-priced high volume segments. Our main focus for the remainder of 2024 is to successfully execute our current advanced programs and to convert the unprecedented opportunity set we a...