Mobileye Global Inc. slumped the most ever on Thursday after cutting its full-year revenue forecast.
(Bloomberg) — Mobileye Global Inc. slumped the most ever on Thursday after cutting its full-year revenue forecast.
Shares of the company, which makes software and hardware technology for cars, sank as much as 31%, touching their lowest level since January. This is the biggest intraday percentage drop on record for Mobileye, which went public in October after being spun off by Intel Corp.
The company sees full-year revenue between $2.07 billion and $2.11 billion, down from a prior range between $2.19 billion and $2.28 billion. The consensus analyst estimate is $2.25 billion, according to data compiled by Bloomberg.
“We expect the downgrade revision to the guide for a year will exacerbate concerns relative to the tough operating environment,” wrote analysts at JPMorgan. RBC Capital Markets analysts added that the outlook “shows Mobileye is not immune to industry pressures,” although it still views demand as strong.
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