Mobileye Global beats by $0.05, reports revs in-line; lowers top end of FY23 guidance (33.96)
- Reports Q3 (Sep) earnings of $0.22 per share, excluding non-recurring items, $0.05 better than the FactSet Consensus of $0.17; revenues rose 17.8% year/year to $530 mln vs the $528.63 mln FactSet Consensus.
- Co lowers top end of FY23 revenue guidance to $2.065-2.09 bln from $2.065-2.114 bln prior guidance (no comparable estimates).
- "We are very pleased with Q3 results, as operating leverage on strong revenue growth has led to significant increases in operating income," said Mobileye President and CEO Prof. Amnon Shashua. "On the product side, very positive consumer and media feedback to the August roll-out of the SuperVision navigate on pilot software to Zeekr vehicles was a key proof-point of the competitive advantages of our advanced products. This in part led to (i) conversions with Polestar and FAW during the quarter, (ii) continued progress with the balance of the 9 core OEM prospects we noted on our last earnings call, and (iii) new interest from an additional wave of global automakers. Since the end of Q3, the tragic events in Israel have affected us all, but strong business continuity planning, lessons learned during COVID-19 disruptions, and the diligence of our remarkable team has enabled us to limit disruption and continue to execute our business priorities."