Mobileye Global Inc MBLY reported a fiscal fourth-quarter 2023 revenue growth of 13% year-on-year to $637.0 million, missing the consensus of $639.8 million.
Adjusted EPS of $0.28 beat the consensus of $0.27.
EyeQ and SuperVision revenue was $611 million vs $543 million a year ago. The Average System Price was $52.7, down from $56.2 in the prior year.
Gross margin expanded by 91 bps to 54%, while adjusted gross margin decreased by 464 bps to 68.9% due to the higher cost of its EyeQ chip.
Adjusted operating margin increased by 33 bps to 38.8%. Mobileye held $1.21 billion in cash and equivalents.
Mobileye CEO Prof. Amnon Shashua disclosed accomplishing design wins projected at $7 billion of incremental future estimated revenue for a second consecutive year, at elevated ASP. He also revealed expanding the vehicle model pipeline for SuperVision and Chauffeur from 9 to approximately 30 and winning its most significant advanced product program to date with a major global western OEM. He also mentioned the introduction of the Driving Experience Platform (DXP), proving to be in the sweet spot of OEM make vs buy decision.
FY24 Outlook: The company reiterated revenue of $1.83 billion – $1.96 billion (vs. $2.06 billion estimate) and adjusted operating income of $270 million – $360 million.
Price Action: MBLY shares traded lower by 0.77% at $27.41 premarket on the last check Thursday.
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