All articles tagged with #mobileye
Originally Published 6 months ago — by The Verge
Intel is shutting down its automotive chipmaking division, planning to lay off most employees and shift focus to its core client and data center businesses, despite previous investments and developments in automotive technology including Mobileye and AI-enhanced chips.
Originally Published 2 years ago — by Yahoo Finance
Mobileye's stock experienced a significant drop after the company predicted a 50% decrease in full-year revenue for 2024, despite beating first-quarter earnings estimates. Concurrently, Walgreens announced a reduction in its quarterly dividend to allocate more capital towards growing its pharmacy and healthcare business, which led to a 5% decline in its stock price. The market reacted negatively to both announcements, with Mobileye's forecast being described as a "shortfall of epic proportions" and Walgreens' dividend cut disappointing investors, even though it was anticipated.
Originally Published 2 years ago — by CNBC
Mobileye, a self-driving tech company owned by Intel, has seen its shares drop by up to 25% after forecasting a significant decrease in customer orders for Q1 2024 due to excess inventory. Automakers had overstocked on Mobileye's chips to mitigate past supply chain disruptions, but as these concerns have subsided, the company expects a reduction in new orders. Despite the recent plunge, shares are still up around 12% from the IPO price. Intel, which took Mobileye public again in 2022, retains an 88% stake in the company.
Originally Published 2 years ago — by Investor's Business Daily
The Dow Jones Industrial Average led gains in the stock market, rising 0.6%, while the Nasdaq struggled to stay positive. Notable movements included Mobileye's stock plummeting over 25% after disappointing revenue guidance, Walgreens Boots Alliance's shares dropping despite beating earnings expectations due to a dividend cut, and Apple's stock decline following analyst downgrades. In contrast, Omega Therapeutics soared on a partnership announcement with Novo Nordisk, and Lamb Weston rose after reporting strong earnings and raising its guidance. Economic data showed private payrolls and jobless claims beating expectations, suggesting resilience in the labor market.
Originally Published 2 years ago — by Yahoo Finance
Mobileye Global Inc.'s stock plummeted by as much as 29% after the company's full-year revenue forecast for 2024 came in significantly lower than analysts' expectations, projecting between $1.83 billion and $1.96 billion versus the anticipated $2.58 billion. The company attributes the lower forecast to customers having excess ADAS chip inventory post-pandemic, which they expect to be utilized in the first quarter. The news affected not only Mobileye but also Intel Corp., which holds an 88% stake in the company. The chip industry is facing challenges with oversupply and reduced demand, leading to inventory gluts and price drops. Mobileye's disappointing outlook has led to downgrades from analysts and concerns over the timing of revenue growth.
Originally Published 2 years ago — by Financial Times
Shares of Mobileye, an autonomous driving technology company, have significantly dropped following a profit warning issued by the company. Investors reacted negatively to the news, leading to a sharp decline in the company's stock price. This development is a key focus for market watchers and stakeholders in the tech and automotive sectors.
Originally Published 2 years ago — by MarketWatch
Mobileye Global Inc., a company specializing in self-driving technology, saw its stock plummet by approximately 25% after issuing a revenue warning due to excess inventory at its customers. The company expects a significant drop in first-quarter revenue, estimating it to be around 50% less than the previous year, contrary to analysts' expectations of an increase. This excess inventory of EyeQ products is a result of automotive suppliers stockpiling components during the pandemic and now reducing orders. Mobileye anticipates an operating loss for the first quarter and projects that revenue for the rest of 2024 will be roughly flat to slightly up compared to 2023, with inventory levels normalizing by the end of the year. Despite the setback, some analysts maintain a long-term positive outlook for the company.
Originally Published 2 years ago — by Yahoo Finance
Mobileye Global, an autonomous driving technology company, has projected its fiscal 2024 revenue to be significantly lower than market estimates, anticipating a decrease in customer orders as they manage excess inventory. This announcement led to a sharp 26% drop in the company's shares in premarket trading. Mobileye expects a roughly 50% decline in first-quarter revenue year-over-year and forecasts total fiscal 2024 revenue to be between $1.83 billion and $1.96 billion, below the expected $2.58 billion.
Originally Published 2 years ago — by Reuters
Amnon Shashua, the CEO of Mobileye and a prominent Israeli businessman, has called for the immediate replacement of Prime Minister Benjamin Netanyahu and his government, citing their failures, dissonance, and incompetence in handling the recent Hamas attack. Shashua emphasized the need to prioritize the country's well-being over political survival and suggested the formation of a new coalition within the current parliament as a solution. Netanyahu, who previously criticized his intelligence chiefs for not warning him about the attack, later retracted his comments and issued an apology.
Originally Published 2 years ago — by Investor's Business Daily
Mobileye, a maker of technology for advanced driver-assistance systems and self-driving cars, exceeded analyst expectations for the second quarter and raised its earnings outlook for the full year. The company reported adjusted earnings of 17 cents per share on sales of $454 million, beating estimates. Mobileye also increased its forecast for adjusted operating income for the year. However, despite a premarket gain, Mobileye's stock fell after the opening bell. Mobileye is a leader in camera-based automotive vision systems and artificial intelligence for autonomous driving and vehicle safety features.
Originally Published 2 years ago — by Barron's
Intel plans to sell shares of Mobileye Global worth around $1.4 billion, causing the stock to drop. The chip maker is cashing in on the self-driving technology company it spun off last year, taking profit from a run up in the shares.
Originally Published 2 years ago — by CNBC
Mobileye's shares fell 5% after an Intel subsidiary announced a secondary offering of 35 million Class A shares. Epam Systems fell 2.9% after posting Q2 earnings and revenue guidance below analysts' expectations and lowering its full-year guidance. Thor Industries surged nearly 10% after reporting an earnings and revenue beat and raising its full-year guidance. GitLab's shares surged nearly 30% after reporting a smaller-than-expected loss for Q1. Apple's shares dipped less than 1% after releasing its Vision Pro mixed reality headset.
Originally Published 2 years ago — by Reuters
Intel is selling a $1.5 billion stake in Mobileye, reducing its voting share in the self-driving technology company to 98.7%. The move comes as Mobileye faces competition in the assisted driving market from chipmakers Nvidia and Qualcomm. Goldman Sachs and Morgan Stanley are acting as joint book-running managers for the share sale.
Originally Published 2 years ago — by Ars Technica
Porsche has announced that it will use Mobileye's advanced sensor suite, SuperVision, in its future production cars. The system includes a mix of cameras and radar sensors and will enable a range of advanced driver-assistance systems, including hands-free traffic jam assists. SuperVision also includes a driver-monitoring system and Mobileye's latest EyeQ 6 system-on-a-chip to make sense of all that input. Porsche is not the only part of the Volkswagen Group to partner with Mobileye to use SuperVision. VW Commercial Vehicles will also use Mobileye tech.
Originally Published 2 years ago — by TechCrunch
Porsche has partnered with Mobileye to bring hands-free automated assistance and navigation functions to future sports cars. Mobileye’s SuperVision technology platform will serve as the foundation for advanced driver assistance systems (ADAS) in Porsche’s future vehicles. SuperVision allows cars to follow navigation routes, autonomously change lanes and automatically overtake slower vehicles on multilane roads. Porsche will fully integrate Mobileye’s ADAS into its future models, and the company’s in-house engineers will develop custom systems to monitor the driver’s attention.