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Mohit Oberoi

Is the Autonomous Driving Craze for Real After Mobileye Stock Plunges?

Mobileye Tesla Inc. Ford General Motors Uber

Mobileye Global (MBLY) stock lost almost a quarter of its market cap yesterday, after the company forecasted 2024 revenues well below estimates and warned of a supply glut. Here’s what the tepid guidance tells us about the health of the auto chip industry and autonomous driving.

In its preliminary report, Mobileye said that it expects revenues to be between $1.83 billion-$1.96 billion in 2024, while analysts were expecting the metric at around $2.58 billion. It also forecasts Q1 2024 revenues to be down around 50% from the corresponding quarter last year.

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