Mobileye (NASDAQ:MBLY) shares plummeted 10% in pre-market today after the autonomous driving technology company lowered its revenue guidance for the full fiscal year 2024, falling short of analysts' expectations.
In the second quarter, Mobileye reported earnings per share (EPS) of $0.09, beating the Street estimate of $0.08. Revenue for the quarter was $439 million, slightly above the Street projection of $438.08 million. The company's adjusted operating income also outperformed, coming in at $79 million compared to the estimated $56.2 million.
Mobileye reported an adjusted gross margin of 69%, surpassing the Street estimate of 66.6%, while the adjusted operating margin was 18%, higher than the 13.1% expected by analysts.
Looking ahead, Mobileye revised its revenue forecast for the full year, now expecting between $1.60 billion and $1.68 billion, down from the previous guidance of $1.83 billion to $1.96 billion and below the Street estimate of $1.88 billion. This adjustment reflects the company's reassessment of market conditions and sales expectations, resulting in a more cautious outlook.