Mobileye beats estimates, hunts for CEO as founder departs
MBLY•Founder plans to step down after successor is appointed
July 23 (Reuters) - Mobileye Global MBLY.O founder Amnon Shashua plans to step down as chief executive officer after the appointment of a successor, the autonomous driving technology maker said on Thursday, as it reported second-quarter results that topped Wall Street estimates.
Mobileye said its board would hire an executive search firm and conduct a comprehensive process to select a new CEO. Shashua will remain a director and has been offered the role of chairman once a successor is appointed.
Quarterly results beat estimates and guidance was raised
The Israeli company also reported second-quarter revenue of $508 million, beating analysts' estimates of $481.24 million, according to LSEG data.
The ADAS hardware maker's shares were up about 8% in premarket trading.
Mobileye said demand for next-generation ADAS remains strong, highlighting a new high-volume design win with Stellantis STLAM.MI, days after the carmaker became the fifth of the world's 10 largest carmakers to contribute data to its Road Experience Management (REM) platform.
Automakers have ramped up focus on equipping their vehicles with advanced driver-assistance systems, boosting demand for microprocessors made by Mobileye, which works with more than 50 original equipment manufacturers, including Ford F.N and Volkswagen VOWG.DE.
The company reported strong momentum in Mobileye's core business driving a 3% increase in system shipments during the quarter.
It said the increase was partly offset by lower average selling prices for its EyeQ chips mainly due to higher-than-expected export volumes from Chinese automakers, which typically buy lower-priced chips.
"The core business continued its strong momentum in Q2 as we focus our development and execution efforts on a number of advanced product launches in late 2026 and throughout 2027," Shashua said.
