Investing.com - Mobileye (NASDAQ:MBLY) has forecast revenue guidance for the 2025 fiscal year that was well below expectations, sending shares sharply lower in premarket U.S. trading on Thursday.
The driving assistance systems supplier has been grappling with tepid demand for its chips. Automakers have chosen not to increase their inventories and have slashed production in recent months in the face of weak consumer spending, denting the need for Mobileye's products.
Sluggishness in China hit some of Mobileye's largest customers last year as well, denting volumes, executives previously said, adding that they anticipate this trend will continue into 2025.
Revenue is now seen coming in at between $1.69 billion to $1.81 billion, Mobileye said. Wall Street analysts had anticipated a forecast of $1.94 billion, according to Bloomberg consensus estimates.
CEO Amnon Shashua said in a statement that Mobileye has dealt with a "challenging" operating backdrop, but has still managed to launch dozens of production programs on time for customers.
For the fourth quarter, adjusted revenue came in at $490 million, topping analyst projections of $479 million. Adjusted operating income was $101 million, compared with expectations of $87.7 million.
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