The Mobileye logo is displayed during the initial public offering on the Nasdaq Market website in New York on October 26, 2022.
Michael Nagel | Bloomberg | Getty Images
moving eyethe self-driving technology company majority-owned by Intelwarned on Thursday that it expected customer order The first quarter of 2024 will see a significant decrease.
Affected by the news, the stock price plunged 25% during Thursday morning trading.
“We are aware of excess inventory with our customers,” Mobileye said in its preliminary full-year outlook.
Automakers stockpiled Mobileye’s chips to avoid future parts shortages after global supply chain issues hampered manufacturing, the company said.
“As supply chain issues ease, we expect our customers to use the vast majority of their excess inventory in the first quarter of this year,” Mobileye said in its outlook. This means customers will not place orders for new wafers at the same level as the same period last year. same.
Intel first announced in 2017 that it would take Mobileye private for more than $15 billion before taking the company public again in October 2022.
Intel sell The Mobileye stake it held last year was worth $1.5 billion, but it retains an 88% stake in the company.
Until recently, Mobileye’s stock price was well above its initial public offering price. Thursday’s announcement pared some of the gains, but gains among IPO buyers remained at around 12%.
Watch: Mobileye CEO talks China and global growth
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