Mobileye's stock melts down as inventory issues prompt grim revenue warning

Shares of Mobileye Global Inc. were tanking in Thursday’s premarket action after the company, which makes self-driving technology, issued a revenue warning as its customers deal with excess inventory. Mobileye MBLY, -3.92% expects first-quarter revenue to fall about 50% from the $458 million that it reported in the year-earlier period. Analysts tracked by FactSet had expected revenue to rise to $557 million for the period. The company disclosed in a press release that it has “become aware of excess inve ...