Mobileye Global Inc. (MBLY.O) cut its yearly revenue projection on Thursday due to increased competition from start-ups and automakers developing driver-assistance devices.
Jerusalem-based firm shares dropped 13% before the bell.
The autonomous driving technology business now forecasts sales between $2.07 billion and $2.11 billion instead of $2.19 billion and $2.28 billion.
Nvidia (NVDA.O) and Qualcomm (QCOM.O) compete to enter the assisted driving industry.
Investors are also concerned about autonomous car deployment owing to regulatory scrutiny and slow commercial uptake.
Mobileye’s first-quarter sales were $458 million, compared to Refinitiv IBES data’s $454.7 million forecast.
