Mobileye beats revenue estimates in first quarter

Mobileye Global Inc beat estimates for revenue 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.

In the third quarter of October, Mobileye's total revenue grew 38 per cent to $450 million. According to Refinitiv's data, analysts were expecting revenue of $447 million.

Net loss increased to $45 million from $26 million.

There has been a push to include assistive-driving capabilities to improve safety features in cars, which has led to greater adoption of self-driving technology, helping companies such as Mobileye.

Mobileye, which includes BMW, Nissan, Volkswagen, and others, has forecast revenue of $1.83 billion to $1.85 billion for the full year ending December 31 and adjusted operating income of $637 million to $653 million.

In premarket trading, the company's shares were almost flat at $30.60.

Mobileye was listed on the Nasdaq on October 26 after raising $861 million in an initial public offering. Its stock has risen 45 per cent from the IPO price of $21, valuing the company at $24.45 billion.