Mobileye Global Inc. MBLY is slated to release third-quarter 2024 results on Oct. 31, before market open. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings per share and revenues is pegged at 9 cents and $481.74 million, respectively.

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For the to-be-reported quarter, the consensus estimate for Mobileye’s earnings per share has moved down by 7 cents in the past 90 days. Its bottom line is expected to decline 59.09% from the year-ago period.

The Zacks Consensus Estimate for MBLY's quarterly revenues suggests a year-over-year decrease of 9.11%. Over the trailing four quarters, the company surpassed earnings estimates on three occasions and missed once, the average surprise being 7.24%. This is depicted in the graph below:

Mobileye Global Inc. Price and EPS Surprise

Mobileye Global Inc. price-eps-surprise | Mobileye Global Inc. Quote

MBLY's Q2 Highlights

Mobileye topped the Zacks Consensus Estimate in its second-quarter 2024 earnings.

Its adjusted earnings per share of 9 cents surpassed the consensus mark of 8 cents but fell from 17 cents reported in the year-ago quarter.

Consolidated revenues came in at $439 million, down 3.3% from the corresponding quarter of 2023, but beat the Zacks Consensus Estimate of $427 million.

Factors to Shape Mobileye’s Q3 Results

In the third quarter, Mobileye’s collaboration with Zeekr is expected to have benefited the company by accelerating the localization of its technologies in China. In March 2024, Volkswagen deepened its partnership with Mobileye in the domain of automated driving. Collaboration with Zeekr and Volkswagen is likely to have bolstered Mobileye’s performance in the third quarter of 2024.

However, the company has slashed its full-year 2024 guidance due to the expected decline in the outlook for both EyeQ and SuperVision shipments in the second half of 2024. It now expects 2024 revenues in the range of $1.60-$1.68 billion, down from the previous estimate of $1.83-$1.96 billion. It now expects operating loss in the range of $531-$580 million, up from the previous estimate of $378-$468 million. 

The expected decline in full-year performance is likely to have weighed on Mobileye’s third-quarter performance.

Earnings Whispers for MBLY

Our proven model does not conclusively predict an earnings beat for Mobileye in the quarter to be reported, as it does not have the right combination of the two key ingredients. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is not the case here, as elaborated below.

Earnings ESP: Mobileye has an Earnings ESP of 0.00%. This is because the Most Accurate Estimate is pegged in line with the Zacks Consensus Estimate. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Zacks Rank: MBLY currently carries a Zacks Rank #3.