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☆ Mobileye cuts annual revenue forecast as automakers look to ease production
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

The listing of Mobileye Global Inc., the self-driving unit of chip maker Intel Corp, is seen at the Nasdaq MarketSite, at Times Square in New York City, U.S., October 26, 2022. REUTERS/Shannon Stapleton/File Photo Acquire Licensing RightsOct 26 (Reuters) - Mobileye Global (MBLY.O) lowered the upper end of its annual revenue forecast on Thursday, in a sign that slowing electric-vehicle production is likely to weigh on demand for its driver-assistance technology. Automakers such as Tesla (TSLA.O), General Motors (GM.N) and Ford (F.N) have turned cautious about expanding their EV production capacity amid risks of a slowdown in demand due to higher borrowing costs and growing economic uncertainties. This, in turn, may hurt Mobileye, a supplier for EV makers such as Polestar . The Israel-based firm expects full-year revenue to be between $2.07 billion and $2.09 billion, compared with its earlier forecast of $2.07 billion to $2.11 billion.

Persons: Shannon Stapleton, Mobileye, Arsheeya, Shilpi Majumdar Organizations: Mobileye Global Inc, Intel Corp, Nasdaq, Times, REUTERS, General Motors, Ford, EV, Volkswagen, Porsche, Thomson Locations: New York City, U.S, Israel, Bengaluru

☆ Mobileye appoints insider Rojansky as CFO
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +1 min

The listing of Mobileye Global Inc., the self-driving unit of chip maker Intel Corp, is seen on a jumbotron outside the Nasdaq MarketSite at Times Square in New York City, U.S., October 26, 2022. REUTERS/Shannon Stapleton/File photo Acquire Licensing RightsSept 11 (Reuters) - Self-driving technology maker Mobileye Global (MBLY.O) named insider Moran Rojansky as its chief financial officer on Monday, succeeding Anat Heller who left the role in June for personal reasons. Rojansky, 43, has been with the Israel-based company since 2016 and most recently served as its interim finance chief. Heller will continue to serve as an adviser to the company's finance department and senior management, Mobileye said. The company, spun off from Intel (INTC.O) in October, has partnerships with prominent automakers including Volkswagen (VOWG_p.DE) and Porsche (PSHG_p.DE).

Persons: Shannon Stapleton, Moran Rojansky, Anat Heller, Heller, Mobileye, Arsheeya, Maju Samuel Organizations: Mobileye Global Inc, Intel Corp, Nasdaq, REUTERS, Mobileye, PricewaterhouseCoopers, Intel, Volkswagen, Porsche, Polestar, Thomson Locations: New York City, U.S, Israel, Mobileye, Bengaluru

☆ Intel stock drops 6% as company updates chip manufacturing plans
▼ + stars: | 2023-06-21 | by ( Kif Leswing | ) www.cnbc.com time to read: +3 min

Intel CEO Pat Gelsinger speaks during the Mobileye Global Inc. IPO at the Nasdaq MarketSite in New York on Oct. 26, 2022. Intel stock dropped 6% on Wednesday after the company gave investors an update on the company's turnaround plan to become a chip manufacturing company competing with Taiwan Semiconductor Manufacturing Company. Intel plans to use its own chips to work out problems in its manufacturing before opening up the factories to third-party companies. "The manufacturing group will now face the same market dynamics as their foundry counterparts," Zinsner told analysts. Wednesday's update was focused on how Intel would use its manufacturing capabilities for its own chips.

Persons: Pat Gelsinger, David Zinsner, Zinsner Organizations: Inc, Nasdaq, Mobileye, Intel Corp, Intel, Taiwan Semiconductor Manufacturing Company, Apple, Nvidia, Qualcomm, Samsung, IMS, Bain Capital, AMD Locations: New York, Austrian

☆ Intel to invest $25 billion in Israel factory in record deal, Netanyahu says
▼ + stars: | 2023-06-18 | by ( ) www.reuters.com time to read: +1 min

JERUSALEM, June 18 (Reuters) - U.S. chipmaker Intel Corp (INTC.O) will spend $25 billion on a new factory in Israel, Prime Minister Benjamin Netanyahu said on Sunday, calling it the largest-ever international investment in the country. Under the deal Intel will pay a 7.5% tax rate, up from the current 5%, the ministry added. In 2017, Intel bought Israel-based Mobileye Global Inc (MBLY.O), which develops and deploys advanced driver-assistance systems, for $15 billion. Announcing the deal in televised remarks to his cabinet, Netanyahu called it "a tremendous achievement for the Israeli economy - 90 billion shekels ($25 billion) - the largest investment ever by an international company in Israel". In a statement, Intel said its Israel operations had "played a crucial role" in the company's global success.

Persons: Benjamin Netanyahu, Netanyahu, Dan Williams, Ari Rabinovitch, James Mackenzie Organizations: chipmaker Intel Corp, Israel's Finance Ministry, Intel, Inc, Thomson Locations: Israel, Kiryat Gat

☆ Intel to sell $1.5 bln stake in Mobileye
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +1 min

June 5 (Reuters) - Intel Corp (INTC.O) is offering 35 million shares of Class A common stock, or about a $1.5 billion stake, in Mobileye Global Inc (MBLY.O), according to a regulatory filing on Monday. After the offering, Intel's voting share in the self-driving technology company will come down to about 98.7% from the 99.3% it currently holds. Shares of the Jerusalem, Israel-based Mobileye fell over 4% to $40.55 in extended trading. Mobileye, which counts BMW (BMWG.DE), Nissan (7201.T) and Volkswagen (VOWG_p.DE), among others as its customers, listed on the Nasdaq last year after raising $861 million in an initial public offering. Goldman Sachs & Co and Morgan Stanley are acting as joint book-running managers for the share sale, the company said.

Persons: Mobileye, Goldman Sachs, Morgan Stanley, Bhanvi, Pooja Desai Organizations: Intel Corp, Mobileye Global Inc, Nvidia Corp, Qualcomm Inc, BMW, Nissan, Volkswagen, Nasdaq, Goldman Sachs & Co, Thomson Locations: Jerusalem, Israel, Bengaluru

☆ Mobileye lowers annual revenue forecast
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

April 27 (Reuters) - Mobileye Global Inc (MBLY.O) on Thursday lowered its forecast for annual revenue, hurt by increasing competition from start-ups as well as automakers developing their own driver-assistance products. The autonomous driving technology company now expects revenue to range between $2.07 billion and $2.11 billion from $2.19 billion and $2.28 billion estimated previously. The timeline for autonomous vehicle deployment due to tough regulatory scrutiny and delayed commercial adoption of the technology has also left investors worried. Mobileye, however, posted revenue of $458 million in the first quarter, compared with analysts' estimates of $454.7 million, according to Refinitiv IBES data. Reporting by Yamini Kalia and Tiyashi Datta in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Mobileye shares plunge after self-driving tech company cuts guidance amid Tesla's EV price war
▼ + stars: | 2023-04-27 | by ( John Rosevear | In Jrosevear | ) www.cnbc.com time to read: +2 min

Mobileye signage during the company's IPO at the Nasdaq MarketSite in New York, US, on Wednesday, Oct. 26, 2022. Shares of Mobileye, Intel 's self-driving subsidiary, were trading sharply lower on Thursday after the company cut its full-year forecast, citing weakness in China's electric vehicle market. In January, the company guided to revenue between $2.192 billion and $2.282 billion and an operating loss between $110 million and $160 million. China's EV market has been roiled by Tesla 's recent aggressive price cuts and a reduction in government incentives for EV buyers. Mobileye counts Chinese EV makers Nio and Zeekr, a unit of Chinese automaker Geely, among its customers.

☆ Mobileye beats revenue estimates as carmakers lap up autonomous tech
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

Jan 26 (Reuters) - Mobileye Global Inc (MBLY.O) beat revenue estimates for fourth quarter on Thursday, driven by strong demand for its driver-assistance technology as manufacturers and fleet operators look to add more functionality to their vehicles. Revenue jumped 59% to $565 million in the quarter ended Dec. 31 for Mobileye, which provides autonomous driving technology. In the fourth quarter, Mobileye reported a net income of $30 million, or 4 cents per share. It had suffered a loss of $53 million, or 7 cents per share, last year. Mobileye, which was taken private by Intel Corp (INTC.O) in 2017, raised $861 million in its second initial public offering in October last year.

☆ Cramer's lightning round: I'm very concerned about Veru
▼ + stars: | 2023-01-06 | by ( Krystal Hur | ) www.cnbc.com time to read: +1 min

Loading chart...Veru Inc : "I'm very concerned about it." I think we're going to have to take a major league pass." Suburban Propane Partners LP : "[The] propane market is historically, let's say, too volatile and erratic for me." Loading chart...Axon Enterprise Inc : "It's a terrific law enforcement package that I think is really good for everybody. Loading chart...Nuscale Power Corp : "If you want small, nuclear modular reactors, I'm going to have to say, the Constellation Energy group.

☆ Intel's Mobileye sees $17 bln in assisted-driving product revenues by 2030
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +1 min

Jan 5 (Reuters) - Intel Corp's (INTC.O) self-driving tech unit Mobileye Global Inc (MBLY.O) said on Thursday it sees more than $17 billion in revenues for its advanced driver assistance systems (ADAS) products by 2030. Jerusalem, Israel-based Mobileye, which went public in October last year, is a top player in the ADAS market, which shares components with fully automated self-driving systems but costs much less. A push to incorporate assisted-driving capabilities to bolster safety features in cars has led to greater adoption of self-driving technology, helping companies such as Mobileye. It also expects an additional $3.5 billion in revenues through 2028, for its autonomous mobility-as-a-service products. It is up about 48% from the IPO price of $21, valuing Mobileye at nearly $25 billion.

☆ Mobileye beats revenue estimates in first quarterly report since IPO
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

Dec 7 (Reuters) - Mobileye Global Inc (MBLY.O) beat estimates for revenue on Wednesday in its first quarterly report after going public in October, as the Intel Corp (INTC.O) unit benefited from strong demand for its self-driving technology from carmakers. Total revenue at Mobileye grew 38% to $450 million in the third quarter ended Oct. 1. A push to incorporate assistive-driving capabilities to bolster safety features in cars has led to greater adoption of self-driving technology, helping companies such as Mobileye. Mobileye listed on the Nasdaq on Oct. 26 after raising $861 million in an initial public offering. Its stock has risen 45% from the IPO price of $21, valuing the company at $24.45 billion.

☆ Intel announces up to $10 billion in cost reductions through 2025
▼ + stars: | 2022-10-27 | by ( Jordan Novet | ) www.cnbc.com time to read: +4 min

Here's how the company did:Earnings: 59 cents per share, adjusted, vs. 32 cents per share as expected by analysts, according to Refinitiv. 59 cents per share, adjusted, vs. 32 cents per share as expected by analysts, according to Refinitiv. Revenue: $15.34 billion, vs. $15.25 billion as expected by analysts, according to Refinitiv. Intel said it's aiming for $3 billion in cost reductions in 2023, and the number will reach $8 billion to $10 billion in annualized reductions and gains by the end of 2025. The company now sees $1.95 in adjusted earnings per share and $63 billion to $64 billion in revenue, compared with $2.30 in adjusted earnings per share and $65 billion and $68 billion in revenue three months ago.

☆ Volkswagen to work with Mobileye on automated driving after Argo exit - sources
▼ + stars: | 2022-10-27 | by ( Jan Schwartz | ) www.reuters.com time to read: +2 min

REUTERS/Shannon StapletonBERLIN, Oct 27 (Reuters) - Volkswagen (VOWG_p.DE) plans to expand its cooperation with Intel's Mobileye (MBLY.O) to include its automated driving program after Wednesday's decision to no longer invest in self-driving startup Argo AI, two sources familiar with the plan told Reuters on Thursday. Mobileye, which develops autonomous driving technologies, already cooperates with VW's software unit Cariad. Volkswagen's and Ford Motor's F.N exit from Argo came after three years of joint efforts on the development of automated driving systems and investments of more than $3 billion, highlighting the cost pressure automakers face in that field. Israel-based Mobileye went public this week, being valued at more than $20 billion. Chief Communications Officer Dan Galves said earlier this week that based on its design wins with automakers, the company's assisted driving systems would be deployed in 270 million cars by 2030.

☆ Intel's Mobileye unit valued at $22 bln as shares cruise higher
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +3 min

The debut comes after a turbulent period when Mobileye settled for merely a third of the $50 billion valuation it was targeting earlier in its IPO. But there was a lot of value in gaining that public company platform now,” said Dan Galves, chief communications officer at Mobileye. Galves added it is important for Mobileye to generate product visibility now as that filters back to customers. Before being acquired by chipmaker Intel in a $15.3 billion deal in 2017, Mobileye had been listed on the New York Stock Exchange since 2014. Mobileye develops autonomous driving technologies and competes with Alphabet Inc's (GOOGL.O) Waymo, General Motors Co's (GM.N) Cruise and other automakers who have moved to design in-house driving assistance technology.

☆ Intel's Mobileye unit set for strong market debut
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Shannon StapletonOct 26 (Reuters) - Shares of Mobileye Global Inc (MBLY.O) were set to open 20% higher on Wednesday, potentially valuing the self-driving technology unit of Intel Corp (INTC.O) at nearly $20 billion after the IPO was priced above the anticipated range. At 10:31 a.m. Eastern Time, the shares were indicated to open at $25.05, up from the initial public offering price of $21 per share. Mobileye's strong reception may buck the trend of recent market debuts where investors have given the cold shoulder to newly-listed companies. On Tuesday, Mobileye was valued at $16.7 billion after selling shares above the marketed range of $18 to $20, to raise $861 million. Reporting by Niket Nishant in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ Intel unit Mobileye prices IPO above range to raise $861 mln
▼ + stars: | 2022-10-26 | by ( Echo Wang | ) www.reuters.com time to read: +2 min

Mobileye said in a press release it has priced 41 million shares at $21 per share. The IPO values Mobileye at $16.7 billion, a far cry from the $50 billion valuation that Intel was initially hoping to achieve. FROZEN MARKETSHundreds of companies have postponed IPO plans this year due to volatility in capital markets. read moreIntel will retain a large stake, including all the Class B shares Mobileye plans to issue, according to a filing with the U.S. Securities and Exchange Commission. Mobileye first went public in 2014 at a roughly $5 billion valuation, before Intel acquired it for $15.3 billion in 2017.

☆ Intel's Mobileye unit valued at $21 bln as shares cruise higher in debut
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Shannon StapletonOct 26 (Reuters) - Shares of Mobileye Global Inc (MBLY.O) opened 27% higher on Wednesday, valuing the self-driving technology unit of Intel Corp (INTC.O) at $21.3 billion as investors lapped up what could be the last big IPO of 2022. It also underscores Mobileye's strong financials, analysts said, which attracted investors who have turned selective amid mounting economic challenges. "Investors now place greater focus on companies' free cash flows, revenues/profitability or path-to-profitability, over just growth projections," said Paul Go, global IPO leader at EY. Before being acquired by chipmaker Intel in a $15.3 billion deal in 2017, Mobileye had been listed on the New York Stock Exchange since 2014. On Tuesday, Mobileye was valued at $16.7 billion after selling shares above the marketed range of $18 to $20, to raise $861 million.

☆ Mobileye pops more than 30% in market debut after spinning out of Intel
▼ + stars: | 2022-10-26 | by ( Ashley Capoot | ) www.cnbc.com time to read: +3 min

Mobileye shares popped more than 30% in their stock market debut on Wednesday after the maker of technology for self-driving cars was spun out of Intel . In a year that's seen no significant tech IPOs in the U.S., Mobileye offers investors an opportunity to get in on area of growth. At its IPO price of $21, Mobileye was valued at just $17 billion, resulting in minimal gains for Intel thus far. Intel will retain control of Mobileye and hold over 750 million shares of Class B stock, which has 10 times the voting power of Class A stock. Intel shares were down slightly on Wednesday and have lost about 47% of their value this year, while the Nasdaq is down 29%.

☆ Intel unit Mobileye prices IPO above range to raise $861 mln -source
▼ + stars: | 2022-10-25 | by ( Echo Wang | ) www.reuters.com time to read: +3 min

Mobileye priced 41 million shares at $21 per share, the source said, requesting anonymity ahead of an official announcement. The IPO values Mobileye at $16.7 billion, a far cry from the $50 billion valuation that Intel was initially hoping to achieve. FROZEN MARKETSHundreds of companies have postponed IPO plans this year due to volatility in capital markets. read moreIntel will retain a large stake, including all the Class B shares Mobileye plans to issue, according to a filing with the U.S. Securities and Exchange Commission. Mobileye first went public in 2014 at a roughly $5 billion valuation, before Intel acquired it for $15.3 billion in 2017.

☆ Intel Eyes Significantly Lower Valuation in IPO of Mobileye Unit
▼ + stars: | 2022-10-17 | by ( Corrie Driebusch | ) www.wsj.com time to read: 1 min

Intel is eyeing a significantly lower valuation than previously expected in the initial public offering of its Mobileye Global Inc. self-driving car unit, according to people familiar with the matter, in the latest sign of the beleaguered state of the new-issue market. Mobileye, which was originally expected to land a roughly $50 billion valuation, is now set to target one of under $20 billion and sell a smaller number of shares than originally planned, the people said. By selling fewer shares at a lower price, the company and its advisers are hoping to drum up interest that will push up the shares after they start trading, some of the people said.

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