Mobileye beats revenue estimates in first quarterly report since IPO
Reuters
Published Dec 07, 2022 08:13AM ET
Updated Dec 07, 2022 09:41AM ET
(Reuters) -Mobileye Global Inc beat estimates for revenue and earnings on Wednesday in its first quarterly report after going public in October, as the Intel Corp (NASDAQ:INTC) unit benefited from strong demand for its self-driving technology from carmakers.
Shares of the company were up about 2% at $31 in premarket trading, after it also forecast a revenue range for the current quarter that came in well above expectations.
A push to incorporate assistive-driving capabilities to bolster safety features in cars has led to greater adoption of self-driving technology, helping companies such as Mobileye.
Total revenue at Mobileye grew 38% to $450 million in the third quarter ended Oct. 1. Analysts were expecting revenue of $447 million, according to Refinitiv data.
Net loss, however, widened to $45 million from $26 million. On an adjusted basis, the company earned 15 cents per share, above analysts' estimates of 12 cents, according to Refinitiv.
It forecast fourth-quarter revenue of between $527 million and $545 million. Analysts were expecting revenue of $483.7 million for the quarter.
Mobileye, which counts BMW, Nissan (OTC:NSANY), Volkswagen (ETR:VOWG_p), among others as its customers, listed on the Nasdaq on Oct. 26 after raising $861 million in an initial public offering. Its stock has risen 45% from the IPO price of $21, valuing the company at $24.45 billion.
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Written By: Reuters
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