Mobileye shares plunge after chipmaker warns of order pullback
Publishing timestamp: 2024-01-04 11:06:49
Summary
Mobileye shares plunged 25% after the company warned that customer orders would fall short of the previous year's quarter. The company attributed this to excess inventory at its customers, who had stocked up on chips due to global supply chain issues. As supply chain concerns have eased, customers are expected to use the excess inventory in the first quarter of 2024, resulting in a decrease in new chip orders. Intel, which owns the majority stake in Mobileye, took the company private in 2017 and then made it public again in 2022.
Sentiment: NEGATIVE
Keywords: breaking news, business, technology, autos, intel corp, mobileye global inc, breaking news: technology, business news,
Source: https://www.cnbc.com/2024/01/04/mobileye-shares-plunge-after-chipmaker-warns-of-order-pullback.html