Mobileye Global, a maker of technology for advanced driver-assistance systems and self-driving cars, on Thursday beat analyst estimates for the second quarter. It also raised its earnings outlook for the full year. But MBLY stock tumbled.
The Jerusalem-based company earned an adjusted 17 cents a share on sales of $454 million in the June quarter. Analysts polled by FactSet had expected earnings of 12 cents a share on sales of $451 million. On a year-over-year basis, Mobileye earnings fell 20% while sales declined 1%.
For the full year, Mobileye increased its forecast for adjusted operating income to a range of $600 million to $631 million. Its prior range was $548 million to $577 million. Mobileye reiterated its sales target range of $2.07 billion to $2.11 billion.
"The business again performed well in Q2," Chief Executive Amnon Shashua said in a news release. "Operating margin improved as compared to the first quarter of 2023 despite relatively consistent revenue and we're positioned well for the increased revenue growth in the second half of 2023."
MBLY Stock Is On Tech Leaders List
Despite a premarket gain on the stock market today, MBLY stock plunged after the opening bell and kept falling. It ended the trading day down 6% to 38.01.
Mobileye is a leader in camera-based automotive vision systems and artificial intelligence for autonomous driving and vehicle safety features.
The Mobileye driver-assistance features found on many of today's new vehicles include forward collision warning, automatic emergency braking, lane departure warning and adaptive cruise control. To date, more than 150 million vehicles worldwide have been built with Mobileye technology inside.
MBLY stock is on the IBD Tech Leaders list.
MBLY stock began trading last October with its initial public offering priced at $21 a share. Chipmaker Intel spun off Mobileye but retains majority ownership.
More Chip Stocks Moving On Earnings
Other semiconductor stocks moving on earnings news on Thursday included Impinj, MaxLinear, Silicon Labs and STMicroelectronics.
Impinj, MaxLinear and Silicon Labs on Wednesday provided third-quarter sales and earnings outlooks that were well below estimates, sending their shares lower.
In other semiconductor news, MaxLinear terminated its planned acquisition of Silicon Motion, citing breach of contract.
Meanwhile, STMicroelectronics on Thursday delivered a beat-and-raise second-quarter report, helped by strong automotive chip sales. STMicro shares rose on the news.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
