Mobileye Global Inc (NASDAQ: MBLY) reported a fiscal fourth-quarter 2024 revenue decline of 23% year-on-year to $490 million, beating the analyst consensus estimate of $477.75 million.
Adjusted EPS of 13 cents beat the analyst consensus estimate of 11 cents. The stock tanked after the print.
EyeQ and SuperVision revenue was $611 million versus $464 million a year ago.
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The Average System Price was $52.70, up from $50 in the prior year. The number of systems shipped rose to 11.6 million from 9.3 million a year ago.
Gross margin declined by 482 bps to 49%, while adjusted gross margin decreased by 35 bps to 69%.
The adjusted operating margin was 21%, down from 39% year over year, primarily due to the lower gross margin. Mobileye held $1.43 billion in cash and equivalents as of Dec. 28, 2024.
Mobileye generated an annual operating cash flow of $400 million.
FY25 Outlook: Mobileye expects revenue of $1.69 billion—$1.81 billion versus the $1.944 billion analyst consensus estimate and adjusted operating income to $175 million—$260 million.
Mobileye stock plunged over 39% in the last 12 months.
Recent reports indicated an undisclosed company trying to acquire the struggling chipmaker Intel Corp (NASDAQ:INTC), which owns Mobileye.
Price Action: Mobileye stock is down 7.81% at $14.76 premarket at the last check Thursday.
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