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MBLY Nasdaq· Mobileye Global Inc
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MBLY Nasdaq· Mobileye Global Inc
Earnings report Q3 2023

MBLY Reports Strong Revenue Growth in Latest Quarter

Segments of revenue

In the three months ended September 30, 2023, MBLY reported a revenue increase of $80 million, or 18%, compared to the same period in 2022. This growth was primarily driven by a combination of volume and average selling price (ASP) growth in their EyeQ chip related revenue.

Strengths

MBLY's revenue growth in the latest quarter can be attributed to the strong performance of their EyeQ chip, which experienced both increased volume and ASP. This indicates a growing demand for their product and the ability to command higher prices. The company's focus on research and development has allowed them to develop innovative technologies that are driving revenue growth.

Challenges

Despite the overall revenue growth, MBLY also experienced an increase in their cost of revenue, which rose by $25 million, or 11%, in the latest quarter. This could potentially impact their profit margins and profitability. Additionally, the company's operating expenses remained high, with total operating expenses of $264 million in the quarter.

Noteworthy

It is worth noting that MBLY's revenue growth was not limited to the latest quarter. In the nine months ended September 30, 2023, the company reported a revenue increase of $138 million, or 11%, compared to the same period in 2022. This growth was primarily driven by an increase in EyeQ and SuperVision sales, with an 8% increase in volume and a 2% increase in average system price.

Summary

MBLY reported strong revenue growth in the latest quarter, driven by increased volume and ASP in their EyeQ chip related revenue. The company's focus on research and development has allowed them to develop innovative technologies that are driving revenue growth. However, the increase in cost of revenue and high operating expenses pose challenges to their profitability. Overall, MBLY's performance in the latest quarter reflects their ability to capitalize on market demand and deliver strong financial results.

Source documents

Form 10-Q  filed on Nov 09, 2023
4 pages scanned

Reference data

Company financials Q3 revenue 637M
Analyst estimates Q3 EPS beat by 4.72%
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