(CercleFinance.com) – Mobileye, a specialist in autonomous driving technologies, unveiled better-than-expected quarterly results on Thursday, an announcement which reassured investors after the serious warning issued at the beginning of the month.
Two hours after the opening of Wall Street, the stock gained almost 2%, making up for a small part of its losses of 35% following its profit alert on January 4.
The Israeli group reported this morning a turnover of $637 million for the fourth quarter, up 13% year-on-year.
Its net income increased to $228 million, or 28 cents per share, from $215 million (27 cents per share) in the fourth quarter of 2022.
For comparison, analysts on average expected EPS of 27 cents.
The problems of the group, listed on the stock market in 2022, are due to a currently excessive level of stocks among its customers, in particular for the ‘EyeQ’ system-on-chip which equips the front cameras of vehicles.
Amnon Shashua, its chief executive, said Thursday that the company had good visibility for the first quarter of fiscal 2024 and that it expected a significant improvement in its turnover in the second quarter, the ‘normalization’ of demand should not occur before the second part of the financial year.
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