Mobileye Plunges as Full-Year Revenue Forecast Falls Short.

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Mobileye Global Inc., an Israeli autonomous driving technology maker, saw its shares drop by 29% after giving a full-year revenue forecast that fell below expectations. The company expects full-year revenue for 2024 to be between $1.83 billion and $1.96 billion, compared to the average analyst estimate of $2.58 billion. Mobileye attributed the lower outlook to customers having excess inventory of advanced driver assistance system (ADAS) chips due to the pandemic, but expects the supply to be used up in the first quarter. The chip industry as a whole has been affected by a glut of inventory and weak demand from the industrial and automotive sectors. [Extracted from the article]

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