Mobileye (MBLY) posted Q1 earnings and revenue that missed consensus estimates, sending its shares 1.6% lower in premarket trading.
The company reported a first-quarter loss per share of $0.07, wider than the expected loss per share of $0.05. Revenue came in at $239 million, falling short of the consensus projection of $288.75 million.
The adjusted gross margin for the quarter was 62%, below the estimated 64.6%.
For fiscal year 2024, Mobileye projects revenue to be between $1.83 billion and $1.96 billion, compared to the consensus estimate of $1.9 billion.
"The financial results in the first quarter reflect a supply chain reset as the excess inventory held by our customers is consumed,” the company said in a statement.
"Our SuperVision and Chauffeur development pipeline expanded during the quarter, reflecting 1) the key announcement of the Volkswagen Group design win and 2) an increasing consensus across automotive OEMs that eyes-on / hands-off systems (on a scalable path to eyes-off) are critical features necessary for mainstream vehicles of the near future,” it added.