Mobileye lowers annual revenue forecast

Mobileye Global Inc Lowers Annual Revenue Forecast Due to Increased Competition

Mobileye Global Inc, a leading autonomous driving technology company, has revised its annual revenue forecast downwards due to rising competition from start-ups and automakers developing their own driver-assistance products. This news caused a 13% drop in the company’s shares before the bell.

The company now expects revenue to be between $2.07 billion and $2.11 billion, down from the previous estimate of $2.19 billion to $2.28 billion. This is due to the intensifying competition in the assisted driving market, with Nvidia and Qualcomm also trying to make inroads into the market.

Investors are also concerned about the timeline for autonomous vehicle deployment, which has been delayed due to tough regulatory scrutiny and slow commercial adoption of the technology.

Despite this setback, Mobileye posted revenue of $458 million in the first quarter, beating analysts’ estimates of $454.7 million.

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