(Reuters) – Mobileye Global Inc 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.
Shares of the Jerusalem, Israel-based company fell 13% in trading before the bell.
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.
Competition is intensifying in the assisted driving market as Nvidia and Qualcomm are trying to make inroads into the market.
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’Souza and Anil D’Silva)
