Mobileye Global Inc (MBLY, Financial) released its financial results for the third quarter of 2023 on October 26, 2023. The company reported an 18% year-over-year increase in revenue, reaching $530 million. This strong revenue growth, coupled with effective operating leverage, led to significant increases in operating income.
Financial Performance
Mobileye's Q3 2023 GAAP gross profit was $272 million, a 25% increase from $217 million in Q3 2022. The company's operating income for the quarter was $8 million, a significant improvement from a loss of $25 million in the same period last year. Net income for Q3 2023 was $17 million, compared to a net loss of $45 million in Q3 2022.
On a non-GAAP basis, Mobileye's adjusted gross profit for Q3 2023 was $366 million, a 10% increase from $332 million in Q3 2022. The company's adjusted operating income for the quarter was $182 million, a 27% increase from $143 million in the same period last year. Adjusted net income for Q3 2023 was $181 million, a 59% increase from $114 million in Q3 2022.
Updated Financial Guidance
Mobileye updated its guidance for the 2023 fiscal year, reflecting a 0.6% reduction in expected Revenue, as the company now expects SuperVision shipments in Q4 of 2023 to be at the lower end of what was incorporated into its previous guidance. The updated guidance also reflects an improvement in expected Operating Loss (GAAP) and Adjusted Operating Income (Non-GAAP), due to lower than expected operating expenses in Q3 and Q4 of 2023.
Business Highlights
Mobileye's CEO, Prof. Amnon Shashua, highlighted the positive consumer and media feedback to the August roll-out of the SuperVision navigate on pilot software to Zeekr vehicles. This, along with conversions with Polestar and FAW during the quarter, and new interest from an additional wave of global automakers, underscored the competitive advantages of Mobileye's advanced products.
Despite the tragic events in Israel, Mobileye's strong business continuity planning and the diligence of its team enabled the company to limit disruption and continue to execute its business priorities.
Conference Call and Webcast Information
Mobileye will host a conference call and webcast on October 26, 2023, to review its results and provide a general business update. The conference call will be accessible live via a webcast on Mobileye’s investor relations site.
Explore the complete 8-K earnings release (here) from Mobileye Global Inc for further details.
