Mobileye (NASDAQ:MBLY) shares are trading more than 16% lower in premarket Thursday after the autonomous driving company slashed its full-year revenue forecast.
For Q1, MBLY reported EPS of $0.14 on revenue of $458 million, which compares to the analyst estimate of $0.12 on sales of $459.26M. The adjusted gross margin was reported at 71% while the operating margin came in at 27%.
“We continue to gain traction with our advanced product portfolio as multiple SuperVision and Chauffeur programs with global automakers approach design win conclusion. We expect that near-term SuperVision launches, such as Polestar 4 in Q4 2023, will drive customer and regional diversification in this key business, while also driving momentum with additional customers,” said Mobileye president and CEO Prof. Amnon Shashua.
However, the company slashed its full-year forecast, citing “a number of headwinds lowering EV demand in China.”
The company now sees FY revenue between $2.065 billion and $2.114B, below the $2.25B expected. Mobileye previously expected FY sales of $2.19B-$2.28B.