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Jul 01, 2023
Mobileye Q2 2023 Earnings Report
Mobileye's business performed well, with improved operating margin compared to Q1 2023 and positioned for increased revenue growth in the second half of the year.
Key Takeaways
Mobileye reported its Q2 2023 financial results, demonstrating solid performance and highlighting future business engagements with VW Group and expansions of the advanced portfolio to 9 large OEMs.
Business performed well in Q2.
Operating margin improved compared to the first quarter of 2023.
Positioned well for increased revenue growth in the 2nd half of 2023.
VW Group's engagement underlines the scalability and flexibility of Mobileye’s technology platform.
Forward Guidance
Updated guidance reflects an improvement in expected Operating Loss (GAAP) and Adjusted Operating Income (Non-GAAP), at the midpoint, of 37% and 9%, respectively. Revenue guidance remains consistent with the guidance provided on April 27, 2023 and, at the midpoint, implies 16% growth in the 2nd half of 2023 as compared to the 2nd half of 2022.
Positive Outlook
- Improvement in expected Operating Loss (GAAP).
- Improvement in Adjusted Operating Income (Non-GAAP).
- Lower than expected operating expenses.
- Higher-than-expected non-recurring engineering (“NRE”) reimbursements.
- Revenue guidance remains consistent.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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