– 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.
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.
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.
Mobileye, which counts BMW, Nissan, Volkswagen, among others as its customers, forecast revenue of $1.83 billion to $1.85 billion for the full year ending Dec. 31 and adjusted operating income of $637 million to $653 million.
Shares of the company were almost flat at $30.60 in premarket trading.
Mobileye 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.
