Mobileye, a specialist in autonomous driving and driver assistance, reported a loss for the first quarter on Thursday as its customers look to reduce their component inventories.

The Israeli company, which is part of the Intel Group, said it made a net loss of $55 million in the first three months of the year, compared with a profit of $115 million a year earlier.

Its sales fell by almost half, to $239 million compared with $458 million in the same period of fiscal 2023.

In its press release, Mobileye explains that the clean-up of the supply chain, marked by a destocking movement among its customers, is continuing in line with the scenario it described in January, heralding an imminent upturn in sales.

The company points out that, in the wake of the major contract it won from Volkswagen last month, other automakers have expressed interest in its technologies, pointing to new agreements in the near future.

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