Mobileye shares jump despite Q3 earnings, revenue miss

Investing.com -- Mobileye Global Inc (NASDAQ: MBLY) saw its shares jump nearly 7% in premarket trading Thursday even though the company reported third-quarter earnings and revenue that missed expectations.

The autonomous driving company posted Q3 earnings of $0.10 per share, missing analyst expectations of $0.15. Revenue for the period totaled $486 million, also below the projected $563.29 million.

The company’s adjusted operating income reached $78 million, slightly above the $76 million estimate, while the adjusted gross margin came in at 68%, close to the expected 68.1%.

“While the near-term growth environment remains challenging, our objectives are focused on medium- and long-term opportunities and we expect those to become more evident in the coming months,” said Mobileye President and CEO Prof. Amnon Shashua.

For full-year 2024, Mobileye reaffirmed its revenue guidance at the midpoint, maintaining its projected range of $1.62 to $1.66 billion.

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