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Jun 29, 2024
Mobileye Q2 2024 Earnings Report
Mobileye's Q2 2024 financial results were released, with updated guidance and a business overview provided.
Key Takeaways
Mobileye reported that excess inventory at Tier 1 customers is almost fully resolved, but a softening of business conditions in China is expected to create challenges in the second half of the year. The company is investing in China for the long term and making progress on its full product portfolio.
Excess inventory issues at Tier 1 customers are nearing resolution.
Business conditions in China are softening, posing challenges for the second half of 2024.
Mobileye continues to invest in China for long-term growth.
Progress is being made on the full product portfolio, from ADAS to L4 autonomy.
Forward Guidance
Mobileye updated its guidance for the 2024 fiscal year, reflecting a reduction in expected revenue and adjusted operating income due to factors affecting expectations for the second half of 2024.
Challenges Ahead
- Updated guidance reflects a 13% reduction in expected revenue at the midpoint.
- Reductions in the outlook for both EyeQ and SuperVision shipments for the remainder of 2024.
- Updated guidance reflects an increase in Operating Loss (GAAP) at the midpoint of 31%.
- Updated guidance reflects a reduction in Adjusted Operating Income (Non-GAAP) at the midpoint of 44%.
- Decremental margin on lower revenue, partially offset by modestly lower than expected operating expenses.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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