.August 1, 2024 10:08 AM

Mobileye (NASDAQ:MBLY) shares dropped 10% in pre-market trading as the company lowered its revenue guidance for fiscal year 2024, missing analysts’ expectations. In the second quarter, Mobileye reported EPS of $0.09, beating estimates, with revenue at $439 million, slightly above projections. Adjusted operating income was $79 million, surpassing the estimated $56.2 million. The company’s adjusted gross margin was 69%, higher than the expected 66.6%, and the adjusted operating margin was 18%, exceeding the 13.1% estimate. Mobileye revised its full-year revenue forecast to $1.60 billion to $1.68 billion, down from the previous guidance of $1.83 billion to $1.96 billion and below the Street estimate of $1.88 billion, citing market conditions and sales expectations.