How did Mobileye Global stock move on Wednesday?

Mobileye Global Inc(NASDAQ Resonance: MBLY) shares were higher on Wednesday on reports that the company won a shipment order for 46 million EyeQ6 Lite assisted driving chips.

These chips are in high demand in the global market and will be used in cars to be launched in the middle of this year.

According to Reuters, the company's Executive Vice President of Arbitration for Business Strategy and Development, Nimrod Nehushtan, emphasized that this figure represents orders won so far, which are expected to grow and deploy further in the coming years.

According to Reuters, while Mobileye keeps its customer list confidential due to confidentiality agreements, known customers includegreat number of peoplerespond in singingPorscheWe are a well-known automobile manufacturer.

The EyeQ6 Lite system represents Mobileye's mass-market offering and provides basic driver assistance functions for vehicles, such as automatic cruise control and lane changing.

Nehushtan emphasized that the EyeQ6 Lite's ability to decipher text on road signs is due to a significant increase in computing power, 4.5 times that of its predecessor.Taiwan Jih-Sun Circuit Manufacturing Co. (NYSE:TSM)'s 7 Nano Craft.

In addition, the chip offers high efficiency and cost-effectiveness while supporting a global five-star safety rating.

It includes an 8-megapixel camera with a 120-degree field of view for improved environmental detection, and Mobileye also mentioned the more advanced EyeQ6 High chip, which is scheduled for volume production early next year.

Mobileye announced in January that fourth quarter revenue increased 13% to $637.0 million, below the market consensus estimate of $639.8 million. Adjusted earnings per share were $0.28, ahead of the market consensus estimate of $0.27.

Mobileye's stock price has plummeted by more than 30% over the past 12 months. Investors can find out more about Mobileye byFirst Trust Nasdaq Artificial Intelligence And Robotics ETF(NASDAQ:ROBT) andVanguard Extended Market ETF(NYSE:VXF) to buy the stock.

Price TrendShares of MBLY were up 2.72% at $30.95 on Wednesday.

"The Secret Weapon of Active Investors" - Power up your stock market game with the #1 "News and Everything Else" trading tool: Benzinga Pro - Click here to start a 14-day trial!

Get the latest stock analysis from Benzinga?

• Mobileye Global (MBLY) : Free Stock Analysis Report

This article was originally published on Benzinga.com, please cite the source.

© 2024 Benzinga.com. Benzinga does not offer investment advice; proceed proceed next.