Mobileye Global, Inc. Class A ( (MBLY) ) has released its Q3 earnings. Here is a breakdown of the information Mobileye Global, Inc. Class A presented to its investors.
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Mobileye Global Inc., a leading provider of autonomous driving and advanced driver-assistance systems (ADAS), reported its financial performance for the third quarter of 2024, highlighting challenges and future strategic plans.
The company experienced an 8% decrease in revenue year over year, amounting to $486 million for the third quarter. Despite this decrease, revenue rose by 11% compared to the previous quarter. The adjusted diluted EPS stood at $0.10, while GAAP EPS was significantly affected by a substantial non-cash goodwill impairment loss, resulting in a loss of $3.35 per share.
Key financial highlights include a gross margin decline to 49% and an operating income loss driven by the goodwill impairment. Mobileye’s top ten customers now represent over 80% of its volume, indicating strong long-term visibility and recent design wins that extend into the early 2030s. The company’s progress with Volkswagen Group and advancements in its Mobileye Drive product for mobility-as-a-service markets are noteworthy.
Looking ahead, Mobileye remains focused on expanding its ADAS market presence outside of China and leveraging its competitive edge in AI and computer vision technologies. The company aims to maintain operating expenses at or below current levels and continues to pursue long-term growth opportunities through its innovative product offerings.
