Intel-Owned Autonomous Driving Company Mobileye Beats Q4 Estimates, Revenue Drops 23%

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. 

Also Read: SAP Q4 Earnings: Revenue Beats Estimates, Cloud Backlog Grows 32%, CEO Projects Accelerated Revenue Through 2027

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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