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Sep 30, 2023
Mobileye Q3 2023 Earnings Report
Mobileye reported strong Q3 2023 results with increased operating income due to revenue growth.
Key Takeaways
Mobileye's Q3 2023 results showed strong revenue growth and significant increases in operating income. The company updated its 2023 fiscal year guidance, reflecting a slight reduction in expected revenue but improvements in expected operating loss and adjusted operating income.
Mobileye is pleased with Q3 results, as operating leverage on strong revenue growth has led to significant increases in operating income.
Positive feedback to the SuperVision navigate on pilot software roll-out to Zeekr vehicles was a key proof-point of the competitive advantages of our advanced products.
The positive feedback led to conversions with Polestar and FAW during the quarter and continued progress with the balance of the 9 core OEM prospects.
New interest from an additional wave of global automakers emerged.
Mobileye
Mobileye
Forward Guidance
Mobileye updated its 2023 fiscal year guidance, reflecting a slight reduction in expected Revenue, at the midpoint, as SuperVision shipments in Q4 of 2023 are now expected to be at the lower end of what was incorporated into previous guidance. The updated guidance also reflects an improvement in expected Operating Loss (GAAP) and Adjusted Operating Income (Non-GAAP), at the midpoint.
Positive Outlook
- Operating leverage on strong revenue growth.
- Positive consumer and media feedback to SuperVision.
- Conversions with Polestar and FAW.
- Continued progress with 9 core OEM prospects.
- New interest from additional global automakers.
Challenges Ahead
- Tragic events in Israel affected the company.
- Slight reduction in expected Revenue.
- SuperVision shipments in Q4 of 2023 expected to be at the lower end.
- Uncertainties related to future production volumes provided by OEMs.
- Risk of worsening market conditions affecting sales prices.