Shares of Mobileye Global Inc.
MBLY,
were up 7% in premarket trading Thursday after the maker of autonomous-driving technology topped earnings and revenue estimates for the fourth quarter. The company generated net income of $30 million, or 4 cents a share, whereas it reported a net loss of $53 million, or 7 cents a share, in the year-earlier period. Adjusted earnings per share rose to 27 cents from 13 cents, while analysts were modeling 17 cents. Revenue increased to $565 million from $356 million, whereas the FactSet consensus was for $533 million. “Our fourth quarter performance is an excellent example of how ramping volumes of our advanced solutions can impact financial performance, as higher average system price amplified strong volume growth,” Chief Executive Amnon Shashua said in a release. The company expects $2.192 billion to $2.282 billion in revenue for 2023. The FactSet consensus was for $2.207 billion.
