Mobileye (MBLY) Stock Is Down 20% as Demand Weakens. What's Going On?

Mobileye (NASDAQ:MBLY) is one of the top-trending tickers on social media and business news websites, and MBLY stock is down about 20% today. The selloff was triggered by the firm's announcement of a reduction in its 2024 revenue guidance. On a positive note, Mobileye noted that its revenue had soared 84% last quarter compared with the first quarter. Mobileye's Guidance Reductions Mobileye cut its 2024 sales guidance to $1.6 billion to$1.8 billion from $1.83 billion to$1.96 billion. China's automakers hav ...