(Adds share movement and details on outlook in paragraphs 2-5)

Jan 4 (Reuters) – Mobileye Global forecast preliminary fiscal 2024 revenue below estimates on Thursday as the autonomous driving tech company expects its customers to pull back on orders as they clear excess inventory.

Shares of the Israel-based company, whose customers include Volkswagen and Porsche, tumbled 26% in premarket trading.

“As supply chain concerns have eased, we expect that our customers will use the vast majority of this excess inventory in the first quarter of the year,” Mobileye said.

The company expects revenue in the first quarter of the year to fall about 50% from a year earlier.

Mobileye forecast fiscal 2024 revenue between $1.83 billion and $1.96 billion, compared with estimates of $2.58 billion, according to LSEG data. (Reporting by Chavi Mehta in Bengaluru; Editing by Shounak Dasgupta)