Mobileye beats revenue estimates in first quarterly report since IPO

FILE PHOTO: The listing of Mobileye Global Inc., the self-driving unit of chip maker Intel Corp, is seen on a jumbotron outside the Nasdaq MarketSite at Times Square in New York City, U.S., October 26, 2022. REUTERS/Shannon Stapleton

(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 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, Volkswagen, 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.

(Reporting by Yuvraj Malik in Bengaluru; Editing by Shilpi Majumdar)

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!


Next In Tech News

‘They fire, we hire’: Germany seizes on Silicon Valley’s woes
U.S. FAA adopts new safeguards after computer outage halted flights
Facebook seeks to block $3.7 billion UK mass action over market dominance
Mastercard, Binance launching prepaid card in Brazil
Britain's JD Sports says customer data accessed by cyber attack
TikTok's CEO to testify before Congress in March to shut Indonesia, Thailand shopping sites in focus shift
Nigerian artist uses AI to re-imagine life for the elderly
Food blogger in China who cooked and ate great white shark is fined US$18,500
Can the UK Online Safety Bill take on misogyny?

Others Also Read